Thermoplastic and rubber materials producer Lanxess has announced a major restructuring which will lead to 1,000 jobs being cut at its worldwide operations by the end of 2015.
The Germany-headquartered group will exit from non-core elastomer and monofilaments businesses in the restructuring, which it hopes will achieve €100m (£84.3m) in annual savings.
Lanxess said it is facing challenging markets and has launched the “Advance” programme, which involves efficiency improvements as well as the job cuts.
Axel Heitmann, chairman of the board of management at Lanxess, said: “We have a strong track record of managing our business in challenging economic environments. We will undertake all necessary steps in order to return to sustainable and profitable growth as soon as possible. We are seeing first signs of stability in the market but it is too early to say when and how quick a recovery will take hold.”
The main efficiency focus for Lanxess is in its rubber-related businesses. It has already restructured parts of its Rubber Chemicals business unit and is closing a site in South Africa and downsizing its operations in Belgium.
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