Lanxess Begins 3-Year Revamp to Regain Lost Clients, Profit
This article is for subscribers only.
Lanxess AG Chief Executive Officer Matthias Zachert, five weeks into the role, said it will take as many as three years to regain lost customers and turn around the maker of synthetic rubber and agricultural chemicals.
Zachert is starting with a capital increase of 10 percent that raised about 430 million euros ($598 million). That will help pay for a “painful” restructuring, which may include temporary and permanent plant closures, divesting units and partnerships in production and raw-material supply, he said on a call yesterday.