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"The ICIS Company of the Year Award goes to LANXESS for its outstanding financial performance in a challenging 2008," said Joseph Chang, Global Editor of ICIS Chemical Business. "We congratulate LANXESS and its CEO Axel C. Heitmann."
In 2008, LANXESS's net profit jumped 53% to EUR171m on flat sales of EUR6.58bn, despite a sharp drop in fourth quarter demand, as experienced by the entire industry.
LANXESS ranked 45th in the ICIS Top 100 global ranking with $9.27bn in sales. The Top 100 rankings were based in US dollars, but the ICIS analysis was local currency based and looked at key financial measures and ratios.
"The headline to its 2008 annual report: 'Continuity meets flexibility' perhaps says it all. LANXESS had to be as flexible in 2008 as the synthetic rubber it makes," said Nigel Davis, ICIS Insight Editor.
"Its management and workforce reacted promptly and effectively to the downturn, and the company achieved its growth and financial targets over the course of 2008 a year ahead of plan," he added.
In 2009, the company has significantly boosted operating cash flow and extended debt maturities with a successful bond offering in a tough financial and economic environment, noted Chang.
LANXESS was created in 2005 as a spinoff from German diversified pharmaceutical, agrochemical and materials giant Bayer. Subsequently, it has pursued growth with a focus on the BRIC (Brazil, Russia, India and China) countries.
"2008 was a remarkable year. The results in the first nine months highlighted that LANXESS was pursuing the right strategy of profitable growth," said LANXESS CEO Heitmann.
"Our formula for sustainable success is based on a business portfolio focused on innovative specialty chemicals, leading market positions, regional diversification and entrepreneurial management," he added.
But then in the fourth quarter came an economic downturn of historic proportions, which hit results, he said.
"Our restructuring skills from the time of our spinoff in 2005 were called upon again and we reacted swiftly with a package of cost saving measures as well as capital discipline, which will ensure that LANXESS will emerge strengthened from the crisis," Heitmann noted.
Also in the group of the strongest performing chemical companies for the year were South Korea's LG Chem, Belgium's Tessenderlo, Netherlands-based DSM, and National Petrochemical Company (NPC) of Iran.
See the ICIS Company of the Year article in ICIS Chemical Business at http://tinyurl.com/ICISTopChemicalCompany2009
A PDF of the ICIS Top 100 Chemical Companies is available for download on ICIS connect at http://tinyurl.com/icisTop100
You must have an account at ICIS.com or register on ICIS connect to access the data.
See the article and analysis of the ICIS Top 100 at http://tinyurl.com/icisTop100Article
LANXESS is a leading specialty chemicals company with sales of EUR 6.58 billion in 2008 and currently 14,335 employees in 23 countries. The company is represented at 46 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals. Visit http://www.lanxess.com
ICIS is the world's largest information provider for the chemical and energy industries. ICIS is part of Reed Business Information, a member of Reed Elsevier plc - a world leading stock market-listed publisher. ICIS aims to help companies in global commodity markets improve their revenues and profits by providing high quality, timely, commercially useful information, business leads and brand positioning across the globe. To find out more, visit http://www.icis.com
For media inquiries, contact:
Joseph Chang
Global Editor
ICIS Chemical Business
+1-212-791-4224
joseph.chang@icis.com
http://www.icis.com/magazine
Nigel Davis
ICIS Insight Editor
T: +44-20-8652-3397
nigel.davis@icis.com
http://www.icis.com
Paul Ray
Head of ICIS Data & Analytics
paul.ray@icis.com
SOURCE ICIS Chemical Business
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