Lanxess profit rise ‘gratifying’
20/03/2015
While sales declined slightly by 3.5% to €8 billion, earnings before tax increased by 9.9% to €808 million. The group significantly reduced its net indebtedness and increased operating cash flow.
The group has been hit hard in its synthetics rubber division and will suspend production of EPDM rubber in Marl, Germany, at the end of this year. Leather chemicals were not specifically mentioned in its press release, but the performance chemicals sector, of which it is part, was performing well last year.
“Against the background of the persistently challenging business situation, the substantial improvement in earnings is gratifying,” said chairman Matthias Zachert. “The figures also reflect the first benefits from our realignment programme, which we are implementing on schedule.”
The group also announced changes to the board. Michael Pontzen will assume the role of chief financial officer, succeeding Dr Bernhard Düttmann, who is leaving the company at the end of the month to take on new career challenges.
Board members Rainer Laufs and Robert Koehler will be leaving upon expiration of their terms of office.
The board also proposed Lawrence Rosen, who is on Deutsche Post’s board, and Dr Matthias Wolfgruber, chairman of Altana, for election as members at the annual meeting in May.
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