LANXESS celebrates its fifth anniversary as a public company with growth, plans for global expansion and sustainable initiatives.
A spinoff of Bayer AG in 2005, the manufacturer of high-performance polymers, rubbers and plastics struggled initially with layoffs as the company restructured. This month LAXNESS announced a return to profitability. Coming back from a $43.6 million loss in fourth quarter 2008, LANXESS posted a fourth quarter 2009 net income of $19.3 million and announced several major expansion projects.
LANXESS employs 300 at its North American headquarters in Findlay Township, the home of corporate services and human resources.
Two new production facilities are planned in Europe and Asia, production expansions are expected in the U.S., Europe and South America and the company has announced acquisitions in India and China. Expansions in emerging markets--Brazil, China, India and Russia--accounted for 20 percent of the company's revenue last year.
LANXESS has also received a flurry of accolades for its commitment to sustainable technologies. A new waste air treatment unit at the Port Jérôme site in France won the "Prix Entreprises et Environnement" in 2009. Other projects include a water resource management plant in India, a nitrous oxide reduction unit in Germany, which will cut greenhouse gas emissions there by 80% by 2012, and a cogeneration plant that will open in Brazil this year, generating both steam and electricity for the entire site by burning sugar cane waste.
LANXESS has also announced a marketing alliance with BioteQ Environmental Technologies, a Vancouver-based industrial waste water treatment company. The two companies plan to jointly pursue opportunities in North America.
"Having our North American headquarters in Pittsburgh, a truly global city, has allowed us to easily connect with teams across the globe and attract a diverse workforce, which are both key to our success," says Randy Dearth, president and CEO of LANXESS Corp.
Writer:
Debra Diamond SmitSource: Randy Dearth, LANXESS Corp.
Image of Randy Dearth courtesy of LANXESS