LANXESS increases competitiveness

20-Sep-2013 - Germany

LANXESS is countering the challenging business environment with a comprehensive efficiency program. Currently, it is foremost the synthetic rubber activities that are experiencing a temporary weakness in demand, increased competition in the market and volatile raw materials prices. As part of the “Advance” program, the company therefore plans to reduce costs and headcount, as well as optimize its portfolio.

“Due to the current situation we must now take action,” said LANXESS’ Chairman of the Board of Management, Axel C. Heitmann. “We have a strong track record of managing our business in challenging economic environments. We will undertake all necessary steps in order to return to sustainable and profitable growth as soon as possible. We are seeing first signs of stability in the market but it is too early to say when and how quick a recovery will take hold.”

Heitmann confirmed the company’s full-year guidance for 2013 of EUR 700-800 million EBITDA pre exceptionals, excluding potential inventory devaluations.

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