Better-than-expected results at Lanxess
Specialty chemicals company Lanxess achieved better-than-expected results during the second quarter of the year and has now raised its earnings forecast for the full year.
Sales rose 48% year-on-year to EUR 1.83 billion as a result of higher volumes in key customer industries and positive currency effects in the form of a weaker euro against the US dollar and Brazilian real. The company posted a net profit of EUR 131 million compared with EUR 17 million during the second quarter of 2009.
Chief financial officer, Matthias Zachert, told Bloomberg that consolidation in the leather chemicals industry would give the company a further boost. “We like our leather chemicals business,” he said, adding that the company would consider acquisitions of EUR500 million or less, similar in size to its previous transactions.
