Crain News Service report
LEVERKUSEN, Germany (March 22, 2013) — Lanxess A.G. said weak demand from the tire and automotive industries will mean a larger-than-expected fall in profits for its first quarter.
The synthetic rubber and chemicals producer forecast its earnings will decline to between $206 million and $232 million for the quarter. Last year the company achieved profits of $476 million for the three-month period.
Lanxess enjoyed a record financial year in 2012. Chairman Axel Heitmann said that won't happen in 2013.
"Conditions may be more turbulent at the moment, but we remain optimistic thanks to our strategic set-up with a focus on the emerging markets and megatrends," he said.