The Avantor Company, Inc.. AVT (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the biopharmaceutical and healthcare industries, education and government, and advanced technologies industries, is hosting an Investor Day tomorrow to discuss the company's strategic growth plans for the coming years.. It is anticipated that Avantor will announce its plans to transform the business by implementing a new operating model as well as advancing a multi-year cost optimization initiative during the event. As part of the new model, Avantor will transition from three geographic segments to two complementary business segments focused on customer needs: Laboratory Solutions and Bioscience Production Solutions.
As part of the new model, Avantor will transition from three geographic segments to two complementary business segments focused on customer needs: Laboratory Solutions and Bioscience Production Solutions.
The time for serving science has never been more exciting, and we are the trusted and proven partner for our customers at every stage of their scientific journey. We are aligning our model with the research and production capabilities of our business. By integrating our model with our research and production capabilities, we will strengthen our performance, sharpen our focus on accelerating our customers' innovation, and increase our operating efficiency," said Michael Stubblefield, President and Chief Executive Officer of the company.
In the past decade, Avantor has built a Fortune 500 leader in Life Science Tools, and now our new operating model builds on the strength of Avantor's platform and will help our company grow for years to come. "We look forward to sharing our transformation and strategy with investors tomorrow." Stubblefield concluded. 
New Operating Model with Two Complementary Business Segments is Introduced
As of January 1, 2024, Avantor will undergo significant changes in its operational model and organizational structure, which will include Mr. Stone's new leadership roles, Mr. Gourdier's new leadership roles, and Mr. Bramwell's new leadership roles. The first quarter 2024 earnings will be reported according to this structure starting in April. In February 2024, two years of financial statements based on the new business segments will be provided to aid in the comparison of the information being presented in accordance with the new segments.
As part of the reorganization, Sheri Lewis, Executive Vice President, Global Supply Chain, and Frederic Vanderhaegen, Executive Vice President, Europe, will be leaving Avantor in 2024 after supporting the transition to the new operating model as part of the business segment realignment.
A cost optimization initiative has been launched by the company
In conjunction with its new operating structure, Avantor is currently advancing a global cost optimization initiative to further enhance productivity through increased organizational efficiency, footprint optimization, decreased cost-to-serve, and procurement savings that are expected to generate approximately $300 million in run rate cost savings by the end of 2026 in order to further enhance productivity.
Guidance for FY2023 is reaffirmed  
The company also reaffirmed the guidance provided by the company's management during its earnings conference call for the third quarter of fiscal year 2023.
There will be an Investor Day at Avantor tomorrow at 9:00 a.m. ET and it will continue until approximately 12:00 p.m. ET. The live virtual event will be available on Avantor's website, ir.avantorsciences.com, under the Events & Presentations section. The investor presentation as well as a replay of the webcast will also be made available on the investor relations website following the event.
Avantor®, a Fortune 500 company, is a leading global provider of mission-critical products and services to customers in the life sciences and technology industries across the globe.. In virtually every stage of the most important research, development, and production activities in the industries we serve, our portfolio is used in virtually every phase of the process. With our global footprint, we are able to serve more than 300,000 customer locations around the world and have extensive access to research laboratories and scientists in more than 180 countries around the world. In order to create a better world, we set science in motion. We invite you to visit avantorsciences.com for more information.Visit our website and follow us on LinkedIn, Twitter and Facebook for more information
Visit our website and follow us on LinkedIn, Twitter and Facebook for more information
In this press release, forward-looking statements and cautionary statements are made within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995, which was passed by Congress in 1995..  It is expressly understood that all statements in this press release, other than statements of historical fact, are forward-looking statements. It is important to note that forward-looking statements consider our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business strategies..  These statements may be preceded by, followed by or include the words "aim," "anticipate," "assumption," "believe," "continue," "estimate," "expect," "forecast," "goal," "guidance," "intend," "likely," "long-term," "near-term," "objective," "opportunity," "outlook," "plan," "potential," "project," "projection," "prospects," "seek," "target," "trend," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning
  These statements may be preceded by, followed by or include the words "aim," "anticipate," "assumption," "believe," "continue," "estimate," "expect," "forecast," "goal," "guidance," "intend," "likely," "long-term," "near-term," "objective," "opportunity," "outlook," "plan," "potential," "project," "projection," "prospects," "seek," "target," "trend," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning
It is important to note that forward-looking statements are inherently subject to risks, uncertainties and assumptions; they cannot guarantee performance in the future. These statements should not be relied upon in an undue manner. In making these forward-looking statements, we have based them on our current expectations and projections of what will happen in the future. In spite of the fact that we believe that the assumptions we have made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be accurate as time goes on.. There are many factors that can contribute to these risks, uncertainties and assumptions, including, but not limited to, the factors described in the "Risk Factors" section of our most recent Annual Report on Form 10-K and quarterly report on Form 10-Q, which may be updated from time to time as a result of our periodic filings with the Securities and Exchange Commission.
There are many factors that can contribute to these risks, uncertainties and assumptions, including, but not limited to, the factors described in the "Risk Factors" section of our most recent Annual Report on Form 10-K and quarterly report on Form 10-Q, which may be updated from time to time as a result of our periodic filings with the Securities and Exchange Commission.
Unless otherwise specified, all forward-looking statements attributable to us or persons acting on our behalf are expressly qualified by the foregoing cautionary statements. Furthermore, all forward-looking statements are as of the date of this press release and are not guaranteed to be accurate. Our firm does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other reason other than as required under federal securities law.
1 Estimated annual revenue for FY2023
The Global Media Contact at Avantor is Emily CollinsVice President, External Communications, 332-239-3910[email protected] 
Contact Person for Investor RelationsChristina JonesVice President, Investor RelationsAvantor805-617-5297 [email protected]
ADVANTOR AND FINANCIAL NEWS AS SOURCE
Avantor, Inc. (NYSE: AVTR), an industry leader in providing mission-critical products and services to customers in the life sciences and technology industries, today announced it has acquired...
The Avantor Group, Inc. (NASDAQ: AVTR) is a leading global provider of mission-critical products and services to customers in the fields of life sciences and technology...
Get weekly updates on PRN's top stories and curated news delivered straight to your inbox by signing up for our newsletter!

Source prnewswire