Bio-Works implements restructuring program
Bio-Works Technologies AB has enacted a restructuring program to strengthen the company's position and secure the path to profitable growth in 2024. As part of that work, Bio-Works is re-organizing the company with the aim of creating a more efficient organization.
Bio-Works’ reorganization creates even better conditions for profitable development and facilitates the realization of the company's strategy.
“The new organization will make Bio-Works more efficient by focusing our resources on customer deliveries both within standard production and customized solutions. Our strategy for achieving profitability is unchanged. Bio-Works' focus is to continue to drive strong growth in sales at the same time as an improvement in increased cash flow," says Jonathan Royce CEO of Bio-Works.
The reorganization will reduce the number of employees in Bio-Works from 52 to 40. Bio-Works' local investments to establish the company in the US is not affected by the change.
The new organization is expected to positively affect the company’s cost structure by approximately SEK 13 million annually.
The changes will be implemented in June 2023 and are expected to take effect from autumn 2023.