Cargill-partner Evolva cuts 43 pct of workers to stem losses

EvoNext Holdings SA

30/08/2017 06:51

ZURICH, Aug 30 (Reuters) - Evolva  EVE.S  is cutting 43 
percent of its workforce, paring locations and jettisoning 
additional management by year's end as the Swiss-based sugar 
substitute maker seeks to arrest widening losses, it said in a 
statement on Wednesday.  
    Evolva, whose partnership with U.S.-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 first-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 Officer Pascal 
Longchamp, science head Jorgen Hansen and India head 
Panchapagesa Murali will step down before the end of 2017. 
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    "Our leadership and operations will be significantly 
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. 
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    Evolva said guidance on product revenues - forecast to more 
than triple in 2017 over the previous year - is not expected to 
be affected by the restructuring. 
 
($1 = 0.9551 Swiss francs) 
 
 (Reporting by John Miller; Editing by Biju Dwarakanath) 
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters 
Messaging: j.miller.thomsonreuters.com@reuters.net)) 
 
Keywords: EVOLVA LAYOFFS