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BRIEF-Evolva announces major restructuring for next phase of its development‍​
August 30, 2017 / 5:15 AM / 3 months ago

BRIEF-Evolva announces major restructuring for next phase of its development‍​

Aug 30 (Reuters) - EVOLVA HOLDING SA:

* 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 - bit.ly/2iFTbpU Further company coverage: (Gdynia Newsroom)

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