Lanxess reports best-ever Q3, employees to get bigger bonuses

ERJ staff report (DS)

Leverkusen, Germany -- Lanxess AG achieved a record third quarter in 2011 due to ongoing strong demand especially for its synthetic rubbers and other polymers. The company also reiterated its full-year outlook for EBITDA pre exceptionals to grow about 20 percent year-on-year and thus exceed one billion euro for the first time in the company's history. As a result, Lanxess has increased its employee bonus pot by 25 percent to euro 100 million.

Sales in the Performance Polymers segment rose 48 percent year-on-year to EUR 1.4 billion. Prices soared 36 percent year-on-year to offset higher raw material costs. In addition, sales were driven by an excellent contribution from the acquired Keltan EPDM rubber business. EBITDA pre exceptionals rose 60 percent to EUR 213 million in the third quarter.

Overall, the company reported sales up by 26 percent year-on-year to EUR 2.3 billion. EBITDA pre exceptionals rose 27 percent y ear-on-year to EUR 311 million in the third quarter. This result already contains an inventory devaluation of roughly EUR 20 million in the Performance Polymers segment.

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Press release from Lanxess