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Lanxess: Polymers earnings decline 40% in 2009

Lanxess (Leverkusen / Germany; www.lanxess.com) saw EBTIDA pre-exceptionals fall 36% year-on-year to EUR 465m, but CEO Axel Heitmann said the performance was “at the upper end” of management’s revised target. Sales decreased by 23% to EUR 6.6 bn. The “decline of historic proportions” is blamed partly on shrinking automotive production and reduced construction industry activity.

Turnover in Performance Polymers receded by 27% to EUR 2.4 bn as EBITDA pre-exceptionals plunged by almost 40% to EUR 250m due to price and volume effects. Pressured by sinking feedstock notations, polymer selling prices dropped by nearly 20%. Volume sales declined 11%.

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