June 3, 2019 / 5:48 AM / 3 months ago

REFILE-Lonza to carve out Specialty Ingredients business

(Fixes typo in headline)

ZURICH, June 3 (Reuters) - Lonza Group will carve out its Specialty Ingredients (LSI) business and cut around 130 jobs there, as it reorganises a division that has struggled this year.

LSI will get independent management with increased control over operations and costs but remain fully owned by Lonza.

“The company has already commenced with the separation and expects to complete the process by mid-year 2020,” it said in a statement on Monday.

LSI, whose products include anti-microbials for paints, saw first-quarter sales stagnate. It has blamed raw material shortages and supply-chain disruptions from a March chemical plant explosion in China that killed 62 people, as well as a Chinese anti-pollution campaign that crimped supplies. (Reporting by Michael Shields, editing by Riham Alkousaa)

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