The Swiss speciality chemicals and energy group, Lonza, is to re-focus itself as a pure life sciences business. The announcement comes as the group reported net profit growth of 13 per cent last year to SFr309 million ($187.5 million).
In a statement on Tuesday, Lonza said it aimed to sell off its polymers and energy businesses by the end of the year for a price of SFr1 billion.
"The group has completed assessment of its strategic options and concluded that the future lies in the higher value added life sciences sector," the statement said.
"As a result we will focus exclusively on the development of biotechnology, fine and performance chemicals platforms."
Lonza's chief executive Sergio Marchionne, announced last year that the group would decide whether to remain a traditional speciality chemicals company or to transform itself into a pure life sciences company.
Lonza was spun off from the Algroup last year when the metals and packaging company merged with Alcan.
The company also announced on Tuesday that it expects to improve on its performance of last year over the current financial year.
swissinfo with agencies