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Dow Jones reports:

Bayer AG (BAYN.XE) said Wednesday that it is aiming to increase sales and profitability across all its divisions through 2022.

The company said it aims to grow sales about 4% in 2019 and between 4% and 5% annually on average from 2020 and 2022. It also aims to grow adjusted earnings before interest, taxes, depreciation, and amortization by 9% per year on average through 2022, the company added.

Bayer last week said it would cut 12,000 jobs and sell its animal-health business, Coppertone and Dr. Scholl's operations, as the company faces challenges in many businesses and thousands of lawsuits related to weedkillers it recently acquired as part of Monsanto.

Between 2019 and 2022, Bayer said it targets free cash flow of about EUR23 billion. It plans to use its funds to further increase its dividend and finance "selective bolt-on acquisitions," the company added.

"We will also explore the option of utilizing a significant portion of the divestment proceeds for share buybacks," said Chief Financial Officer Wolfgang Nickl."

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