German chemicals Lanxess perform brilliantly in the quarter (+6,8%). The leather sector faces difficulties though

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Good news and bad news, at the same time, for German Lanxess chemicals multinational corporation. The good news is that overall sales have increased considerably at the end of the first financial quarter: +6,8%. In terms of revenues, they reached nearly 2,6 billion euros. The top management of the group believe that such good performance also hangs on the capital assets coming from the buyout of Chemtura. In contrast, the bad news is that the turnover of Performance Chemicals unit, which also supplies articles for the leather industry (they did not make public any specific data about it), went down by 8,7%, while profits dropped by 11,9%. How come? Lanxess reckon that such negative results mostly depend on currency instability, and its effects; furthermore, selling the chlorine dioxide related business affected the company’s performance as well.

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