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Lenzing accelerates cost-reduction program as earnings decline

9:34 AM MDT | March 21, 2014 | Natasha Alperowicz

Lenzing  (Lenzing, Austria), a leading cellulose fiber producer, today reported its 2013 results and said that it will counter the unsatisfactory earnings results with a massive reduction in costs. The company announced a cost-reduction program and job cuts in December 2013. Profit for the year reached €50 million ($68.9 million) compared with €180.9 million in 2012. Sales were down 9%, to €1.91 billion, while Ebitda declined from €352.4 million in 2012 to €225.4 million last year. Ebitda margin was down from 16.9% in 2012 to 11.8%...

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