Swiss sugar alternative producer Evolva will cut its workforce by 44% and has hired a new management team as its aims to save CHF 11 million ($11.5 million) a year.
Evolva, which signed a major agreement with Cargill earlier this year to commercialise its EverSweet stevia sweetener, now plans to reduce its headcount from 178 to 100.
Three members of the management team will leave by the end of the year and the company will aim to spin off its Chennai, India, branch into an independent research and development service group.
It will also undertake a major site consolidation in the coming months, centralising research and development activities predominantly at its Reinach headquarters in Switzerland, which it estimates will cost CHF 1 million ($1.05 million).
With the changes in place, the company anticipates that its annual operating expenses will decrease by around 30%.
New CEO Simon Waddington, who was appointed in July, said: “Evolva is undertaking the next logical step in its own evolution. Both our leadership and operations will be significantly optimised to ensure that our products achieve their full potential and our innovation engine remains strong.
“The choices we make today will strengthen our ability to deliver commercial success, realise future innovation breakthroughs, and produce shareholder value.”
In March, Evolva announced it would receive investment of up to $31.4 million over the next three years from funds managed by US investment firm Yorkville Advisors.
The financing is delivered in instalments of $1.05 million in return for shares in Evolva at a 5% discount on the market price at the time.
© FoodBev Media Ltd 2018