London - German chemical giant Lanxess has confirmed to ERJ that it plans to cut 1,000 jobs by the end of 2015.
The job cuts, along with a reduction in management bonuses, were in response to a "weakness in demand" for synthetic rubber from the automotive industry, the Cologne-based company said.
“Currently, it is foremost the synthetic rubber activities that are experiencing a temporary weakness in demand, increased competition in the market and volatile raw materials prices,” the Financial Times quoted Lanxess as saying.
Lanxess announced in August that it was pressing ahead with its restructuring plans by merging business units and reducing its workforce.
The company has defined a three-phase programme, “Let’s Lanxess again”, divided into three areas to improve competitiveness: business & administration, operations, and portfolio.
Lanxess will present further details on the restructuring at a “Media and Capital Markets Day” on 6 Nov.