UPDATE 1-Lonza carves out Specialty Ingredients business, shares rise [Reuters]
LONZA GROUP AG UNSP/ADR (LZAGY)
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Source: Reuters
Lonza carves out Specialty Ingredients business, shares rise - Reuters 2 Min Read ZURICH (Reuters) - Lonza Group will carve out its Specialty Ingredients (LSI) business and cut around 130 jobs there as it reorganizes a division that has struggled, the Swiss group said on Monday. LSI will get independent management with increased control over operations and costs but remain fully owned by Lonza after a process set to wrap up by mid-2020, it said. Chief Executive Marc Funk told a call with analysts it was impossible to say whether the move was the final outcome of an accelerated review of the LSI portfolio announced this year. Lonza has already divested its water care business and moved parts of LSI’s nutrition and Capsugel consumer business to the pharma & biotech segment. Funk gave no specific guidance on whether the carve-out was a precursor toward selling the LSI business, saying only in response to a question: “(Are there) any long-term contracts that would inhibit us to do what we
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