Leather chemicals a bright spot for Lanxess
Chemical group Lanxess has published its second quarter results and announced it will consolidate business units in an effort to counter falling revenues.
As part of a three-phase realignment plan, 14 units will be reduced to 10 and administrative functions will be consolidated.
However, despite declines in the rubber unit, its leather chemicals division performed well. The Performance Chemicals segment of which it is part grew 1.4% to €569 million due to higher volumes. It earned €86 million, 28.4% above the €67 million posted in the year prior.
"We have been working at full steam over the past few months to create the foundation for our realignment. We, as a team, will significantly improve our competitiveness by systematically implementing our programme," said Lanxess chairman Matthias Zachert.
