Lanxess reports higher Q3 profits as second phase of realignment begins
Talk of a “three-phase realignment” and workforce downsizing dominated the release of Lanxess AG’s third quarter 2014 results this month. The specialty chemicals company says it is making “rapid progress” with its realignment programme and aims to achieve annual savings of €150 million by the end of 2016 via the implementation of the first realignment phase, which culls the company’s global headcount by around 1,000. Half these reductions will occur in Germany, where Lanxess is based, and mainly affect the company’s administrative and service units, marketing and sales, along with research and development.