German chem. company to cut costs and jobs in effort to 'boost efficiency'
AFPFRANKFURT--Lanxess, the German maker of specialty chemicals, said Wednesday it has embarked on a program to save 100 million euros (US$134 million) per year from 2015 by cutting costs and jobs.
September 19, 2013, 12:25 am TWN
“Lanxess is countering the challenging business environment with a comprehensive efficiency program,” it said in a statement.
Currently, it is primarily the group's synthetic rubber activities that were experiencing a temporary weakness in demand, increased competition in the market and volatile raw materials prices, it said.
As part of an efficiency-boosting program it said it would “reduce costs and headcount, as well as optimize its portfolio.”
The cost-cutting drive “will lead to a headcount reduction of about 1,000 employees worldwide by the end of 2015,” Lanxess said.
The positions would be phased out through a voluntary separation program, which includes early retirement packages and severance pay.