By Patrick Raleigh, ERJ On-line news editor
Leverkusen, Germany- Higher capacity utilisation and improved margins â€œin certain areas of the polyurethanes businessâ€ helped Bayer MaterialScience to a 21.6-percent rise in first quarter earnings (EBIT before special items) to Euro135 million. Currency- and portfolio-adjusted sales came in at Euro1877 million-8.2 percent higher than the same period last year, the company reported 10 May.
The Bayer businesses within Lanxess reported a 290-percent rise in EBIT before special items to Euro75 million from sales 2.1 percent lower at Euro1478 million The group linked the improved earnings to savings achieved through the cost-containment projects.
Lanxess, which consists of Bayer's chemicals, rubber, rubber chemicals businesses and certain of its plastics activities, is due to be spun off early next year.