BASEL, Switzerland (AP) — Swiss specialty chemicals and biotech company Lonza Group AG said Thursday it is cutting 450 jobs, or about 5 percent of its global workforce.
Jobs will go worldwide but the precise geographical distribution of the cuts has yet to be decided, said spokesman Dominik Werner.
Lonza currently employs 8,500 people worldwide, including at nine sites in the United States.
The cuts follow a rise in order cancellations and postponements, as well as pressure to preserve profit margins by cutting costs, the Basel-based company said.
Lonza's share price plummeted 24.5 percent to 80 Swiss francs ($78.56) on the Zurich exchange.
The company said it hoped the restructuring would save 60-80 million francs ($59-79 million) over the next two years.