Dec 4 (Reuters) - German agricultural group BayWa (BYWGnx.DE) , opens new tab said on Wednesday it plans to cut around 1,300 full-time positions out of almost 8,000 by the end of 2027, as part of the group's restructuring.

Around 40% of the cuts will take place in the central administrative units, it added.

Furthermore, the company said it will close 26 out of 400 locations by the end of 2027.

The trader of farming supplies and produce has been grappling with rising borrowing costs. In July, it suspended its annual profit forecast, citing restructuring plans.

BayWa's stock, which is down by more than 70% year-to-date and dropped out of Germany's small-caps index (.SDAXI) , opens new tab earlier this year, was up 0.23% at 1030 GMT.

"Talks with the general works council on the planned personnel measures have begun, and an agreement is being sought by the end of March 2025," the company said in a statement.

Sign up here.

https://www.reuters.com/markets/commodities/baywa-cut-around-1300-jobs-by-2027-2024-12-04/