ERJ staff report (TP)
Cologne, Germany − Lanxess, the world's largest maker of synthetic rubber, expects earnings to rise again in 2014, helped by a cost-cutting program, its chief executive was quoted saying in an interview, reported Ludwig Burger for Reuters.
"Since we have many ideas and projects, I'll keep my confidence for next year," Axel Heitmann was quoted by newspaper Frankfurter Allgemeine Sonntagszeitung as saying. "Even if prices remain at low levels we will improve earnings."
Lanxess, which also makes durable plastics, leather chemicals and ingredients for pesticides, said in November it expected core earnings (EBITDA) excluding one-off items of between €710m and €760m for the current year, down from €1.23bn in 2012.
In an excerpt of the interview with the Sunday newspaper made available to Reuters on Saturday (21 December), Heitmann noted this year's expected downturn came against a weak sector backdrop.
"That's not bad given the current situation. The flow of negative news shows no sign of abating after all," the CEO said.
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Full story from Reuters