Evolva has announced plans to restructure its business through aggressive product growth and establishing a break-even cash flow position. This includes commercial collaborations with companies to strengthen Evolva's product portfolio. This year, the company partnered together with Cargill in developing sweet solutions and collaborating with Takasago in developing fermentation routes for a wide variety of F&F applications.
The company's operational changes include a major site consolidation and centralizing research and development activities at its headquarters in Reinach, Switzerland. The result will simplify and reduce back office processes, as well as reduce facility costs.
Evolva will also be changing its managements system, which will include the departure of three members of the Group Management Team (GMT) and the appointment of Simon Waddington to CEO and Scott Fabro to CCO. Additionally, the company will reduce its overall headcount from its current 178 people to approximately 100. With this move, Evolva hopes to decrease the annual operating expense by 30%.
“Evolva is undertaking the next logical step in its own evolution. Both our leadership and operations will be significantly optimized 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, realize future innovation breakthroughs, and produce shareholder value. I would also like to personally thank all employees as well as our departing management team members, Pascal Longchamp, Jørgen Hansen and Panchapagesa Murali, for their invaluable contributions to Evolva over many years,” said Simon Waddington Evolva CEO