Cargill part­ner Evolva cuts jobs to stem loss

Global Times - - Biz Overview -

Evolva will cut 43 per­cent of its work­force, pare lo­ca­tions and re­duce its man­age­ment by year- end as the Swiss- based sugar sub­sti­tute maker seeks to ar­rest widen­ing losses, the com­pany said in a statement on Wed­nes­day.

Evolva, whose part­ner­ship with US food gi­ant Cargill on ste­via- based sweet­ener EverSweet has faced de­lays, said it will trim its head­count to 100 from 178 peo­ple to re­duce op­er­at­ing ex­penses by 11 mil­lion Swiss francs ($ 11.52 mil­lion) start­ing in the sec­ond quar­ter of 2018.

The com­pany, which pre­vi­ously re­ported its fi rst- half loss widened to 20.3 mil­lion francs, will spin off its Chen­nai, In­dia, branch into an in­de­pen­dent research and de­vel­op­ment ser­vices group. Ad­di­tion­ally, Chief Busi­ness Offi cer Pas­cal Longchamp, sci­ence head Jor­gen Hansen and In­dia head Pan­cha­pagesa Murali will step down be­fore the end of 2017.

“Our lead­er­ship and op­er­a­tions will be sig­nifi cantly op­ti­mized to en­sure that our prod­ucts achieve their full po­ten­tial and our in­no­va­tion en­gine re­mains strong,” said Chief Ex­ec­u­tive Si­mon Wadding­ton, who was ap­pointed in July.

Evolva said guid­ance on prod­uct rev­enues is not ex­pected to be aff ected by the re­struc­tur­ing.

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