Lanxess Sales Boosted by Chemtura
Acquisition boosts sales for Lanxess
Specialty chemicals maker Lanxess said a recent acquisition, and higher volumes and prices boosted second-quarter sales by 30 percent.
The German company, which has its North American headquarters in Findlay, said sales were 2.5 billion euros ($2.9 billion), largely as a result of its April acquisition of Chemtura, a Philadelphia-based maker of lubricant additives and flame retardants.
The deal doubled the number of Lanxess production facilities in North America to 24 and added about 2,500 employees to Lanxess’ headcount worldwide.
North America now generates about 21 percent of Lanxess’ global revenues.
Because of costs associated with the Chemtura acquisition and a planned shutdown of a chemicals plant in Argentina, Lanxess said net income fell 96 percent to 3 million euros.
Adjusted income not counting one-time charges rose 75 percent to 141 million euros.
“Our growth strategy is paying off,” said Matthias Zachert, Lanxess’ chief executive.
The company has about 300 workers in the Pittsburgh region including staff at the Findlay headquarters and plants in Neville Island and Burgettstown, Washington County.
Joyce Gannon: firstname.lastname@example.org or 412-263-1580.