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LANXESS Adjusts 2009 Earnings Forecast

Published on 2010-03-09. Author : SpecialChem

LEVERKUSEN -- The specialty chemicals company LANXESS AG adjusted its earnings forecast for the business year 2009 after having a significantly better-than-expected fourth quarter, according to preliminary unaudited results.

LANXESS now expects to achieve EBITDA pre exceptionals of EUR 450-470 million for the full year 2009 after previously forecasting EUR 400-420 million at the publication of the third quarter results in November 2009. LANXESS posted EBITDA pre exceptionals of EUR 721 million in 2008.

The company's synthetic rubber activities profited in the final weeks of the previous business year from the unexpected strong development in Asia as well as the strong demand for winter tires in Europe and North America. Notably, demand in the month of December was stronger than the usual seasonal trend.

"This performance is very satisfying. However, the effects of the economic crisis are still noticeable in particular in Europe and North America. Therefore, the implemented cost-saving measures of our "Challenge" program have to be continued," said Axel C. Heitmann, Chairman of the Board of Management of LANXESS AG.

About LANXESS:

LANXESS is a leading specialty chemicals company with sales of EUR 6.58 billion in 2008 and currently around 14,600 employees in 23 countries. The company is represented at 43 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals.

Forward-Looking Statements

This news release contains forward-looking statements based on current assumptions and forecasts made by LANXESS AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Source: LANXESS


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