Lanxess Enacts A Crisis Plan | February 9, 2009 Issue - Vol. 87 Issue 6 | Chemical & Engineering News
Volume 87 Issue 6 | p. 17 | Concentrates
Issue Date: February 9, 2009

Lanxess Enacts A Crisis Plan

Department: Business

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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