Sector News

Categories

Borderless Insights

Image
Ditch Your CV Biases: Finding Your Next Leader Demands a Storyteller’s Curiosity
Image
Career 2.0: Mid-Career Transition for the Over-50 Executive
Image
How can we really achieve gender equity in the C-Suite?

Lanxess plans to cut up to 1,200 jobs: report

November 3, 2014
Chemical Value Chain
German specialty chemicals producer Lanxess AG (LXS.XE) plans to axe up to 1,200 jobs in its latest cost-cutting plan announced this summer, German daily Rheinische Post reports, citing people close to the company.
 
Jobs will be shed in administration, marketing and in central research and development, mainly at the Cologne and Leverkusen sites, the newspaper reports.
 
The company is offering early retirement and severance payments but can’t rule out compulsory redundancies, according to the report, which said Lanxess and labor representatives will discuss the plans at a meeting Friday. The supervisory board will deliberate on the matter next week, the newspaper said.
 
A Lanxess spokesman declined to comment on the report ahead of the Nov. 6 investors day.
 
Lanxess in August unveiled a three-stage restructuring plan that will reduce the number of business units to 10 from 14 by Jan. 1, 2015, and streamline global administrative jobs. It also reiterated that it is examining strategic options for the rubber chemicals business units’ antioxidants and accelerators business lines, saying a decision can be expected by the end of the third quarter of 2014.
 
Downward price pressure in its synthetic rubber business is expected to continue, Lanxess said in August. Lanxess had shed 870 jobs under a previous cost-cutting program aimed to counter falling orders for synthetic rubber and volatile prices for raw materials. The group currently employs 17,300 people.
 
By Ulrike Dauer, Wall Street Journal
 

comments closed

Related News

September 22, 2023

ExxonMobil announces startup of $2-billion chemicals expansion in Baytown

Chemical Value Chain

ExxonMobil Corp. (Spring, Tex.) announced the startup of two new chemical production units at its Baytown, Texas, manufacturing facility. The $2 billion expansion is part of ExxonMobil’s long-term growth plans to deliver higher-value products from its U.S. Gulf Coast refining and chemical facilities.

Read more
September 22, 2023

Ineos acquires Eramet Titanium & Iron for €230 Million

Chemical Value Chain

Ineos Enterprises has announced the acquisition of Eramet Titanium & Iron (ETI) from Eramet for €230 million ($245 million). The deal was completed on Sept. 21 and takes immediate effect, following the satisfaction of regulatory approvals.

Read more
September 22, 2023

Arxada appoints Sanjeev Rastogi as CEO

Chemical Value Chain

Arxada has appointed Sanjeev Rastogi as Chief Executive Officer (CEO), effective immediately. He succeeds Marc Doyle who led Arxada since its foundation and will join the company’s board of directors as a non-executive member.

Read more
More news

How can we help you?

We're easy to reach