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Hires PwC to reach $250 million cost reduction target, which may include a reduction in workforce and simplification of its business portfolio.
June 5, 2023
By: Christine Esposito
Editor-in-Chief
Amyris has engaged the business recovery services unit of PricewaterhouseCoopers (PwC) and established a restructuring subcommittee to execute on a transformation program to accelerate improvements to the company's cost and capital structure and liquidity. The restructuring committee is made up of three independent directors. The company recently communicated during its Q1 2023 last month that it had initiated a strategic review of all aspects of its cost structure in support of its Fit-to-Win initiatives. Over the past several weeks, management has been working closely with PwC to define a transformation program that was reviewed and endorsed by the company's Board during its most recent meeting. Amyris established a transformation office which is supported by PwC and oversees various workstreams to deliver the company's planned cost reduction target of approximately $250 million from cost of goods sold, operating expense, including a reduction in force, and a simplification of its business portfolio. “We are pleased with the support of the PwC team as well as our board Restructuring Committee on the expansion and acceleration of our “Fit to Win” efficiency and cost reduction program. It is an important and necessary step in the evolution of Amyris to reduce our cost base, improve our operational effectiveness and achieve sustainable growth while continuing to execute the delivery of sustainable chemistry through our Lab to Market capabilities and invest in our leading consumer brand portfolio. We are executing our strategy and accelerating our path to profitability,” John Melo, CEO and president, Amyris, said in a statement. The company has entered into loan amendments with its principal secured lenders, Foris Ventures, LLC and DSM Finance B.V., that result in a waiver of all existing defaults and thus ending the forbearances previously entered into with these same parties. On June 5, 2023, the company entered into a secured term loan facility with Anesma Group, LLC an affiliate of Foris, whereby Anesma made available to the company up to $50 million, which was partially drawn by the Company on June 5, 2023. Amyris intends to use the net proceeds of funds advanced under the loan facility for working capital and general corporate purposes. Additional information about this Loan Facility is provided in a Form 8-K filed with the Securities and Exchange Commission. Givaudan last month completed its acquisition of Amryis’ cosmetic ingredients portfolio.
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