Avantor® Hosts Investor Day, Announces New Strategic Operating Model to Drive Growth and Productivity
RADNOR, Pa., Dec. 7, 2023 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the biopharma and healthcare, education and government, and advanced technologies industries, will host an Investor Day tomorrow to discuss the company's strategic growth plans. During the event, Avantor will outline its plans to transform the business by implementing a new operating model and advancing a multi-year cost optimization initiative. Under the new model, Avantor will transition from three geographic segments to two complementary business segments focused on customer needs: Laboratory Solutions and Bioscience Production.
"There has never been a more exciting time to serve science, and we are a trusted and proven partner to our customers at every step of their scientific journey. Aligning our model with our research and production capabilities is a natural evolution of our business that will strengthen our performance, sharpen our focus on accelerating customers' innovation and unlock significant operating efficiencies," said Michael Stubblefield, President and Chief Executive Officer.
"Over the past decade, we have built a Fortune 500 Life Science Tools leader, and our new operating model builds on the strength of Avantor's platform and will position our company for long-term growth. We look forward to sharing our transformation and strategy with investors tomorrow," Stubblefield concluded.
Introduces New Operating Model with Two Complementary Business Segments
As part of the business segment realignment, Sheri Lewis, Executive Vice President, Global Supply Chain and Frederic Vanderhaegen, Executive Vice President, Europe, will depart Avantor in 2024 after supporting the transition to the new operating model.
Launches Cost Optimization Initiative
In connection with its new operating structure, Avantor is advancing a global cost optimization initiative to further enhance productivity through increased organizational efficiency, footprint optimization, reduced cost-to-serve and procurement savings that are expected to generate approximately $300 million in run rate cost savings by the end of 2026.
Reaffirms FY2023 Guidance
Avantor also reaffirmed the fiscal year 2023 guidance provided by management during the third quarter earnings call.
Tomorrow, Avantor's Investor Day will begin at 9:00 a.m. ET and conclude at approximately 12:00 p.m. ET. The live virtual event will be available on the Events & Presentations page in the Investor section of Avantor's website, ir.avantorsciences.com. The investor presentation and a replay of the webcast will also be available on the investor relations website following the event.
Forward-Looking and Cautionary Statements
Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.
1 Estimated FY2023 annual revenue
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