19 September 2012 17:07 [Source: ICIS news]
LONDON (ICIS)--LANXESS has set itself a new mid-term earnings target as it is on track to achieve its previous target a year earlier than expected, the Germany-based chemicals firm said on Wednesday.
LANXESS said that its new mid-term target is €1.8bn/year ($2.3bn/year) of earnings before interest, tax, depreciation and amortisation (EBITDA), before exceptional items, by 2018.
LANXESS added that it is on track to achieve its earlier target of €1.4bn EBITDA, before exceptional items, already by 2014 -a year earlier than previously expected. The company’s pre-exceptionals EBITDA was €1.14bn in 2011.
CEO Axel Heitmann said LANXESS would stick to its dual-track strategy of organic and external growth.
“We maintain discipline whenever we consider any potential organic or external growth projects,” Heitmann added
LANXESS strategy is based on five key platforms: premium products focused on megatrends; flexible asset and cost management; a global reach with emphasis on emerging markets; innovation and technology; and an entrepreneurial and performance-oriented business culture, he said.
LANXESS also said that from 1 January 2013, it will split its Technical Rubber Products business into two units, with the company’s Keltan Elastomers (KEL) business becoming a standalone unit covering solely ethylene propylene diene monomer (EPDM).
The move will bring LANXESS' overall business units to 14, from currently 13.
($1 = €0.77)
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