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Lanxess expects large losses, announces fourth-quarter impairment charges

7:49 AM MST | February 28, 2014 | —Natasha Alperowicz

Lanxess announced on 26 February that it expects to post a loss for 2013 in part because of impairment charges in its elastomers and rubber chemicals segment. Lanxess says that recent impairment tests will result in a noncash charge of €257 million ($352 million) in fourth-quarter 2013 to reflect lower future cash flow contributions from the elastomers and rubber chemicals business. Lanxess also expects to cut its 2013 dividend in half, proposing a payment of €0.50/share compared with €1.00/share in 2012....

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