Brief: Evolva announces major restructuring for next phase of its development

EvoNext Holdings SA

30/08/2017 06:00

Aug 30 (Reuters) - EVOLVA HOLDING SA  EVE.S : 
    * EVOLVA ANNOUNCES MAJOR RESTRUCTURING FOR NEXT PHASE OF ITS 
DEVELOPMENT 
    * TO UNDERTAKE MAJOR SITE CONSOLIDATION OVER COMING MONTHS, 
CENTRALIZING RESEARCH AND DEVELOPMENT ACTIVITIES PREDOMINANTLY 
AT REINACH HEADQUARTERS IN SWITZERLAND 
    * AS A CONSEQUENCE, EVOLVA IS CHANGING ITS MANAGEMENT 
STRUCTURE. 
    * ANNOUNCES THE SECOND PHASE WITH THE DEPARTURE OF 3 MEMBERS 
OF THE GROUP MANAGEMENT TEAM (GMT). 
    * CHIEF BUSINESS OFFICER PASCAL LONGCHAMP, CHIEF SCIENTIFIC 
OFFICER JØRGEN HANSEN, MANAGING DIRECTOR & CEO OF EVOLVA INDIA 
TO STEP DOWN 
    * PASCAL LONGCHAMP, JØRGEN HANSEN AND MANAGING DIRECTOR & 
CEO OF EVOLVA INDIA PANCHAPAGESA MURALI TO STEP DOWN BY OR 
BEFORE END OF YEAR 
    * EVOLVA WILL REDUCE ITS OVERALL HEADCOUNT FROM CURRENTLY 
178 (FTES) TO APPROXIMATELY 100 
    * ANTICIPATES THAT ANNUAL OPERATING EXPENSES RUN RATE TO 
DECREASE BY APPROX 30% OR ROUGHLY CHF 11 MILLION DEVELOPING FULL 
EFFECT IN Q2 2018 
    * CEO WILL LEAD RESEARCH AND DEVELOPMENT ON AN INTERIM BASIS 
DURING THE SEARCH FOR A CHIEF TECHNOLOGY OFFICER, 
    * EVOLVA WILL TAKE A ONE-TIME CHARGE IN 2017 AGAINST ITS 
PROFIT AND LOSS STATEMENT OF AROUND CHF 5 MILLION 
    * ESTIMATES CAPITAL EXPENDITURES FOR CENTRALIZATION OF ITS 
LABORATORIES AND SMALL-SCALE FERMENTATION EQUIPMENT TO EQUAL 
AROUND CHF 1 MILLION 
    * GUIDANCE ON PRODUCT REVENUES, WHICH WE ESTIMATE WILL MORE 
THAN TRIPLE IN 2017 OVER 2016, TO NOT BE AFFECTED BY 
RESTRUCTURING 
 
Source text - http://bit.ly/2iFTbpU 
Further company coverage:  EVE.S  
 
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