London (CNN Business) Bayer plans to slash thousands of jobs as part of a corporate overhaul following its acquisition of Monsanto.

The chemicals and pharmaceuticals group said it would cut 12,000 jobs out of its global workforce of 118,000 by the end of 2021. A significant number of the reductions will be made in its home market of Germany.

More than 4,000 jobs will go at the company's crop sciences division, a consequence of Bayer's acquisition of US rival Monsanto earlier this year.

The German company said in a statement on Thursday that it was considering whether to sell more assets, including the sunscreen business Coppertone and footwear brand Dr. Scholl's.

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