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Lanxess to cut jobs, reduce pay, sell assets because of weak rubber demand

11:25 AM MDT | September 18, 2013 | Natasha Alperowicz in Cologne

Lanxess today announced a series of measures aimed at improving the company's competitiveness following a period of weak demand for synthetic rubber, which has led to a major drop in earnings this year. The company aims to achieve annualized savings of €100 million ($133.5 million) from 2015 under a new cost-cutting program called Advance, through efficiency improvements, and targeted restructuring. A result will be a workforce reduction of about 1,000—roughly 6% of the company's total. In Germany, the job cuts under the cost-savings program...

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