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10:02 | 19.12.2008
DJ DGAP-Adhoc: LANXESS AG: LANXESS responds to global economic crisis and shifts investments
DJ DGAP-Adhoc: LANXESS AG: LANXESS responds to global economic crisis and shifts investments
LANXESS AG / Strategic Company Decision/Forecast
19.12.2008
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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LANXESS responds to global economic crisis and shifts investments
Leverkusen - Specialty chemicals group LANXESS AG responds to the global
economic crisis by taking further measures. The board of management decided
to put off some investment projects given the decline in demand for
chemical products seen throughout the world. In addition, this will ensure
the necessary financial flexibility for the difficult fiscal year 2009.
Affected by the decision is the construction of the Butyl Rubber plant in
Singapore. According to the revised plans, the new Butyl Rubber facility is
expected to commence operations in 2012, with groundbreaking - previously
scheduled for January 2009 - postponed until the fall. Additionally, plans
for capacity expansions in Leverkusen and Antwerp and the planned move of
the group headquarters from Leverkusen to Cologne will also be postponed.
Despite the decline in demand in the fourth quarter 2008, LANXESS adheres
to its EBITDA pre exceptionals guidance for 2008. The EBITDA figure will be
influenced by the valuation of inventories at the end of the year. The
company still expects EBITDA pre exceptionals to come in at between EUR710
million and EUR730 million.
LANXESS expects demand to be very weak in the first quarter of 2009 and is
preparing for a difficult year on the whole. If demand stays at its current
low levels, LANXESS will implement further measures globally.
Leverkusen December 19, 2008
Forward-Looking Statements
This news release contains forward-looking statements based on current
assumptions and forecasts made by LANXESS AG management. Various known and
unknown risks, uncertainties and other factors could lead to material
differences between the actual future results, financial situation,
development or performance of the company and the estimates given here. The
company assumes no liability whatsoever to update these forward-looking
statements or to conform them to future events or developments.
LANXESS AG
Fest Constantin
Phone: +49-214-30-71416
Fax: +49-214-30-40944
constantin.fest@lanxess.com
19.12.2008 Financial News transmitted by DGAP
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Language: English
Issuer: LANXESS AG
Gebäude K10
51369 Leverkusen
Deutschland
Phone: +49 (0)214 30 33333
Fax: +49 (0)214 30 40 944
E-mail: ir@lanxess.com
Internet: www.lanxess.com
ISIN: DE0005470405
WKN: 547040
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
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(END) Dow Jones Newswires December 19, 2008 04:02 ET (09:02 GMT) |
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