Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Drinks | Retail | Videos
Condiments & Ingredients
Return to: FBR Home | Condiments & Ingredients | Ingredients

Evolva plans to cut 78 jobs to reduce losses

FBR Staff Writer Published 31 August 2017

Swiss food ingredients company Evolva is planning to reduce its overall headcount to about 100 as part of its restructuring move.

The company, which currently employs 178 people, released its half year results detailing its strategic plan for the next phase development.

Simon Waddington has been appointed as the company's new CEO and Scott Fabro as new chief commercial officer.

The company said its chief business officer Pascal Longchamp, chief scientific officer Jørgen Hansen and managing director & CEO of Evolva India Panchapagesa Murali from group management team (GMT) will be relieved from their responsibilities by or before the end of this year.

Evolva expects to reduce annual operating expenses run rate by about 30% by the second quarter of 2018. 

In the mean time the CEO will be leading R&D on an interim basis until a new chief technology officer is appointed.

Murali will work on developing Evolva branch located in Chennai into an independent R&D services group during fourth quarter of this year.

Evolva will take a one-time charge after analyzing its profit and loss statement which is about CHF5m in 2017.

This analysis provides an estimation to invest in centralization of its laboratories and small-scale fermentation equipment which will be approximately CHF1m spent in final quarter of this year.

The company said the restructuring plan will not affect its product revenues for 2017 which it anticipates to increase three times more than the revenue generated in 2016.

Evolva is forecasting to grow its product revenues and speedup the path to a cash flow break-even position.

In an effort to expand its business globally in different type of applications, the specialty ingredients maker is planning to collaborate with other companies and sell products in several areas on its own.

Waddington said: “The choices we make today will strengthen our ability to deliver commercial success, realize future innovation breakthroughs, and produce shareholder value.”

Image: Evolva CEO Simon Waddington. Photo: Courtesy of Evolva.