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During Sovello’s recent staff meeting, CEO Reiner Beutel informed the company’s employees that downsizing was a “prerequisite” if an investor was to be found for the insolvent company. Beutel announced that Sovello can only maintain a 495-strong workforce and would therefore be letting go of 475 of its employees.
Beutel commented, "In the areas of research, development, application, production and distribution, a number of measures must be swiftly and consistently implemented, so that the material and other non-personnel costs can be adapted, to ensure that Sovello may again be in the back and remains interesting for investors."
The CEO noted that the company had an Asian investor that was supposedly seriously interested in Sovello. Negotiations are still ongoing between the two parties and Beutel was unsure if a conclusion would be reached by August 1.