March 4, 2019 / 5:00 PM / 17 days ago

Lonza adjusts mid-term guidance after water care divestment

FILE PHOTO: Swiss pharmaceutical group Lonza Houston, the world’s largest dedicated cell and gene therapy facility, opened on Tuesday in Houston, Texas, U.S., April 10, 2018. REUTERS/Daniel Kramer

ZURICH (Reuters) - Lonza has adjusted its mid-term guidance, slightly lowering its sales outlook and slightly upping its margin forecast, to reflect the divestment of its water care business.

It lowered its sales outlook for 2022 to 7.1 billion Swiss francs ($7.10 billion), from 7.5 billion previously, and raised its core EBITDA margin guidance to 30.5 percent, versus 30.0 percent previously, the chemicals and drug ingredients maker said in a statement on Monday.

Lonza struck a deal last year to sell its water care business to U.S. investment company Platinum Equity for $630 million.

Reporting by Silke Koltrowitz; Editing by Michael Shields

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