(MarketWatch) – Denmark’s Novozymes A/S said Monday it is splitting the company into three divisions in an effort to boost both innovation and its ability to act swiftly as the market dictates.
Novozymes, the world’s largest maker of enzymes used in products ranging from detergents to ethanol, said it has formed Household Care & Technical Industries, Agriculture & Bioenergy and Food & Beverages units.
Former Vice President (VP) of Sales Tina Sejersgard Fano will head Agriculture & Bioenergy; former VP of Sales Anders Lund will head Household Care & Technical Industries; and former EVP, Business Operations, Andrew Fordyce, will head Food & Beverages.
The three divisions will be supported by one central Research, Innovation & Supply organization headed by COO Thomas Videbaek and Corporate Functions headed by CFO Benny D. Loft, it said. Peder Holk Nielsen will continue as CEO.
Per Falholt, Head of R&D, will step down from the Executive Leadership Team but will continue in a consulting role on technology scouting. Thomas Nagy, Head of Supply Operations, will leave Novozymes.
The company expects costs associated with the reorganization to toal DKK60 million-DKK70 million. The costs are expected to be realized in the first quarter of 2016 but the full-year 2016 outlook remains unchanged.
By Dominic Chopping
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
