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Lonza Group Ltd. (LZAGY.PK) Axes 500 Jobs to Cut Costs


10/31/2012 6:19:28 AM

Swiss drugs industry supplier Lonza plans to cut 500 jobs, including 400 at its main plant in southern Switzerland, as it grapples with low-cost competition, a strong Swiss franc and higher raw material prices.

The cuts at the Basel-based firm, which makes pharmaceutical ingredients for drugmakers such as GlaxoSmithKline and Abbott, equate to around 5 percent of its global workforce of about 11,000.

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