Sales at German speciality chemicals maker Lanxess are up by 17% from the previous quarter, hitting €1.24bn, the company has announced.
The increase was triggered by a strong rebound in volumes, especially in the performance polymers division which rose 25% to €559m as demand picked up in Asia, the company said.
After being in the red for two consecutive quarters, net income increased to €17m while operating cash flow doubled to €157m from previous years due to a strict focus on working capital management, Lanxess said.
Lanxess has achieved a solid result in view of the challenging environment for the chemical industry, Lanxess chairman Axel C Heitmann said.
The company announced a host of cost-saving measures aimed at cutting costs up to €250m by 2010 and €360m by 2012.
