Lonza Chief to Make Deep Overhaul Drawing on BASF Experience
This article is for subscribers only.
Lonza Group AG Chief Executive Officer Richard Ridinger said his review of the Swiss drug-ingredient maker may lead to disposals and management changes as he forecast lower-than-expected 2013 earnings.
Lonza dropped as much as 6.6 percent, the steepest intraday decline in a year, and traded 4 percent lower at 53.1 Swiss francs at 10:45 a.m. in Zurich. Ridinger forecast growth in earnings before interest and taxes of about 10 percent this year to 369 million francs ($396 million), compared with an average estimate of 413 million francs in a Bloomberg survey of analysts.