Bayer is developing plans to overhaul its corporate structure to more closely align its two life sciences businesses, but says the move will not see any staff reductions.

Announcing first quarter figures that saw sales rise 14.8% to €12.1bn, the company said its corporate structure is currently being examined and a range of restructuring proposals were being set out.

Management board chairman Dr Marijn Dekkers said: “I must emphasise in this connection that it is not about cutting jobs. We continue to anticipate that the number of employees at Bayer will remain stable in the coming years, both worldwide and in Germany.”

He added: “We are convinced that Bayer has outstanding growth perspectives as a pure life science company.”

The company separating its life science businesses - HealthCare and CropScience -  from its MaterialScience unit, which will be demerged, with a stock market flotation planned for mid-2016 at the latest.

The plans form one of a series of strategic priorities for the company, which will also target further organic growth in HealthCare and CropScience by focusing on existing products and increasing R&D spending to €4bn this year.

Elsewhere the company will focus on further integrating the consumer care businesses it acquired recently from Merck & Co and China’s Dihon Pharmaceutical, China, deals that made second biggest supplier of non-prescription medicines.