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Earnings Rise in Europe on Improved Demand and Prices

11:13 AM MDT | May 16, 2011 | Cw staff

European chemical companies continue to report strong first-quarter 2011 earnings on the back of improved volumes and selling prices compared with the same period of last year (CW, May 2/9, p. 13). Producers are optimistic that the economy will continue to grow throughout this year. Lanxess’s net income soared 60%, to €166 million ($236 million) on sales up 29%, to €2.1 billion. Volumes rose 12% and selling prices jumped 15%. “The jump in earnings clearly shows that our ambitious growth strategy is paying off,” Lanxess CEO Axel...

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