21 Jun 2013
ERJ staff report (BC)
Frankfurt – Shares in Lanxess, the world's largest maker of synthetic rubber for tires, fell to a two-month low on 19 June, Ludwig Burger and Frank Siebelt reported for Reuters , as the company said it was mired in weak car markets that showed no sign of recovery.
"The market conditions remain challenging. Car and tire demand has not yet recovered," a company spokesman is reported to have said when asked about market talk that finance chief Bernhard Düttmann sounded a cautious note during an investor presentation in New York.
The spokesman cited Düttmann as saying that Lanxess was likely to reach the middle of its previous target range.
Germany's Lanxess, which competes with Exxon Mobil in synthetic rubber for tires, tubes and window seals, has said it expects second-quarter adjusted EBITDA of €174-220.
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