Issue Date: February 9, 2009
Lanxess Enacts A Crisis Plan
Lanxess has put together a global package of measures designed to help it cope with the effects of weak demand worldwide. The company is introducing a 35-hour workweek for 5,000 German employees at least through 2009. Additionally, the company is cutting the salaries of its executive team by 10% and freezing salaries for at least six months for other managers. Lanxess says the measures will cut its spending by roughly $65 million for the next year.
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