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`Credibility Problem' at Novozymes Has CEO Explaining Next Steps

A researcher tests enzymes at Novozymes A/S. 

A researcher tests enzymes at Novozymes A/S. 

Photographer: Freya Ingrid Morales/Bloomberg

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Investors in Novozymes A/S just woke up to a third profit warning in half a year, forcing the chief executive officer of world’s biggest industrial-enzyme maker to explain why shareholders shouldn’t panic.

In an interview, CEO Peder Holk Nielsen blamed a sharp slowdown in U.S. ethanol production. He said the company was hit by “bizarre” circumstances and that growth would return next year.