Company initiatives

Solazyme in cost reduction mode, lays off workers

It’s a sad holiday for some Solazyme employees as the company announced today that it will reduce its workforce and implement other cost-cutting measures in order to reduce cash operating expenses of at least $18 million in 2015.

The company anticipates recording a charge of approximately $3.0 million to $5.0 million in the fourth quarter of 2014 as a result of this plan, comprised primarily of involuntary termination benefits and closure costs. Solazyme expects to complete its cost-cutting measures by the end of the second quarter of 2015.

In conjunction with the plan, the Company’s Chief Executive Officer has volunteered to reduce his base salary by 25%, and all of the other members of the Company’s executive management team have volunteered to reduce their base salary by 10%, in each case effective as of January 1, 2015.

 

About Doris de Guzman

Will Green Chemistry save the world or is it hype? Doris de Guzman examines alternative processing, new technology, R&D and other sustainability initiatives aimed at preventing pollution; replacing ingredients; and using renewable feedstocks in Green Chemistry. She has been covering the oleochemicals market for 15 years and spread her beat to inorganics, biofuels and green chemistry.

Discussion

One Response to “Solazyme in cost reduction mode, lays off workers”

  1. Definitely sad news for those affected by this decision. In general for BR companies, having a robust, creative, commercialisation plan is key to success.

    Posted by Shai | December 18, 2014, 9:34 pm

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