Lonza to Cut 5% of Workforce

Lonza plans to eliminate about 450 jobs, or 5% of its workforce, due to volatility in market and financial performance being below expectations as a result of order cancellation and postponements, say press reports. Lonza announced today that unexpected order cancellations, postponements and price-volume reductions will reduce operational Ebit towards a level of SF360 million-SF380 million ($353 million-$373 million) for the full year 2009. Lonza says there have been cancellations and postponements in large-scale biopharmaceutical custom manufacturing; an 18...

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