Following a strong third quarter, specialty chemicals company Lanxess has continued to achieve solid business development, with its realignment plans progressing faster than expected. The group is therefore raising its guidance again for 2015 and now expects EBITDA pre-exceptionals to come in between €860m (US$922m) and €900m (US$964m). It had previously announced EBITDA pre-exceptionals for the full year of between €840m (US$900m) and €880m (US$943m).
The effects of the improved administrative and business structures are already evident, with the company set to achieve annual savings of €150m (US$160m) following this first phase of the realignment by the end of 2015, one year earlier than expected.
Lanxess is also accelerating the second phase of its realignment program. From the optimization of its global plant network, the group anticipates additional annual savings of €150m (US$160m). These will be achieved progressively over the coming years and will be fully realized by 2019, with approximately €10m (US$10.7m) of this achieved in 2015. The additional expected savings will result from a global analysis of the company’s plants and processes.
November 12, 2015