Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Lanxess Raises Guidance after Strong First Quarter Results

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Lanxess Raises Guidance after Strong First Quarter Results

Article excerpt

Acquisitions boosted Lanxess' first quarter income and sales, and the specialty chemicals maker raised its earnings guidance for the full year.

The Germany-based company, with North American headquarters in Findlay, said net income jumped 23 percent to 96 million euros ($115 million).

Sales rose by almost 7 percent to 2.6 billion euros.

In North America, which accounts for about 20 percent of the company's global revenues, sales totaled 506 million euros.

Lanxess has about 350 employees in the Pittsburgh region, including its Findlay headquarters and plants in Neville Island and in Burgettstown, Washington County.

Key contributors to the quarter's results, Lanxess said, were Chemtura, a Philadelphia-based maker of lubricant additives and flame retardants that it bought last year; and a phosphorus chemicals business it bought from Belgium-based Solvay in February. …

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