Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Industry News

| More

LANXESS to streamline the chrome value chain of its leather business

Posted On: 2017-06-28 19:54:48

As one of the world's leading suppliers of leather chemicals and chrome specialties, specialty chemicals company LANXESS is to further strengthen the competitiveness of its leather chemicals business. The core element is a shift from the international chrome value chain to centralization in South Africa, where chrome ore is processed into the intermediate sodium dichromate and ultimately to chrome specialties, predominantly chrome tanning salts for use in tanneries worldwide. In this context the company will discontinue production at the Zárate site in Argentina in the fourth quarter of 2017. LANXESS currently operates production facilities for sodium dichromate and chrome tanning salts in both countries: in Argentina at its site in Zárate, and in South Africa at its sites in Newcastle and Merebank.

"This strategic measure enables us to further strengthen our competitiveness in the chrome chemicals business. Moreover, it allows us to focus even more on our business with organic leather chemicals and thus bolster our leading position as a provider of innovative, service-intensive specialties for the leather production," says Luis López-Remón, head of the LANXESS leather business unit. LANXESS expects the streamlining of its chrome value chain to generate a positive EBITDA effect of around EUR 10 million annually, which will be realized by the end of 2018, as well as approximately EUR 60 million in one-time-costs in 2017.

The site closure in Zárate, Argentina, will affect 170 employees. "It is our intention to enter into talks with employee representatives without delay in order to find responsible solutions for all affected employees," explains López-Remón.

LANXESS will continue its other operations in Argentina at its production sites in Burzaco and Merlo (Province of San Luis), from where the company offers comprehensive solutions for the rubber industry. LANXESS currently has some 400 employees in Argentina.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Sathguru Management Consultants advises Pravesha Industries to divest majority stake in Crest Cellulose to Roquette Freres, SA

Saurashtra Freight Pvt. Ltd. charts out growth strategy

Toffee Insurance announces India's First Cyclist Insurance

Whitecaps flags of their 6 month excellence program in cake making

Home Credit India offers attractive customer-focused schemes across Lenovo and Motorola smartphone range

MyLoanCare rolls out a free loan portfolio management system

Auto LPG sector grows impressively; clocks 14% growth in sales

'India Cold Chain Show 2018' showcases innovative cooling solutions in Mumbai

ZestMoney partners with Xiaomi to provide financing options at Mi Home stores

Jana Small Finance Bank launches Jana Bankable Debit Card

GoAir announces Kannur as its 24th domestic destination

InterGlobe Foundation initiates Heritage Restoration and Waste Management In Rajasthan

eMudhra becomes an Executive Member of the Cloud Signature Consortium

ECGC chairs meeting of CEOs of ECAs of Asia Pacific Regional Cooperation Group in Mumbai

Fincare SFB posts 99 percent AUM growth, Rs.42.3 crore profit in H1 FY 2019

Future Generali India Life Insurance introduces a new age ULIP, Future Generali Big Dreams Insurance Plan

Honda 2Wheelers India drives Skill India Mission in Tamil Nadu

Indian biosimilar market to be worth $40 billion by 2030

Rane NSK Opens New Facility for EPS at Gujarat

GoAir reports highest OTP for second consecutive month!

ICAI signs MoU with CPA Canada

Square Capital Emerges as the Largest Integrated Mortgage Marketplace in India

Fresh impetus to the MSME sector - Acuité Ratings

GoAir's 13th Anniversary Offer: Up to 13 Lakh seats on sale at an all-inclusive price of Rs 1,313

India's plastics export jump 31.6% in H1 2018-19 to USD 4.59 bn

Homes worth Rs 1200 crore sold during Housing.com's Home Ustav 2018

Not just top 5 cities, now Tier III cities also contributing to retail participation in stock markets

Lighthouse invests 160 Crore in mattress company Duroflex

Kreditech licensed by Reserve Bank of India to operate as NBFC

Next Education partners with Capgemini as Edu-tech enabler

Co-origination lending: A potential solution to NBFCs' funding challenges

Honda 2Wheelers India expands its global footprint ahead of 2020

'All Weather Investing' - asset allocation with ETFs launched on smallcase.com

NPCI organises digital training workshops at 50 plus educational institutes on teacher's day

AVIVA launches Online Will Writing Service to Promote Financial Literacy

Chrysalis raises funding from Social Impact Investors Menterra and Artha

ICAI invites comments on Valuation Standards

Maharashtra New DP plan 2034 notification - Mr. Niranjan Hiranandani, President NAREDCO

Sterlite Power's OPGW facility receives 17025:2005 accreditation by NABL

Amazon.in adds 6 new fulfilment centers for Large Appliances and Furniture

Asset Management Firm Samvitti Capital launches new Alternative Investment Fund

ICAI committed to conclude the disciplinary process against those found involved in the PNB scam

Fintech startup BuyForexOnline looks to raise $2m for its next phase of growth

Wipro Consumer Care and Lighting forays into home automation space

Catholic Syrian Bank announces proposed investment by Fairfax India

KIFS Tade capital launches interactive Chatbot service #AskSubbu

Moneycontrol becomes India's first financial platform to launch a dedicated section on Cryptocurrency

DBS Group Chairman Peter Seah conferred Institute of Directors (IOD), India Distinguished Fellowship

Essar concludes sale of Aegis to Capital Square Partners for US $ 300 Million (Approximately Rs.2,000 crore)

ESAF Small Finance Bank kicks off operations in Mumbai







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019