LANXESS announced a new medium-term development goal: By 2018, its main revenue target, EBITDA, in the range of its regular operations, is expected to reach 1.8 billion euros. The special chemicals company LANXESS plans to achieve a target of 1.4 billion euros before interest-tax depreciation and amortization in the normal business scope in 2014 (one year ahead of schedule), and continues to grow on this basis. Since 2004, LANXESS's key performance indicators have grown at an average annual rate of 20%. LANXESS reaffirmed its target for profit before interest, tax, depreciation and amortization within the scope of regular business operations in 2012 to grow by 5-10 percentage points year-on-year.
The LANXESS Group Management Board, Dr. Axel C. Heitmann, stated on the media day in New York: “LXS has transformed into a growth company. We will continue to implement our new mid-term goals. The two-track strategy of organic growth and external growth.†It turns out that this strategy is a success.
First, a successful strategy LANXESS will continue to move forward based on the five successful elements of success: high-quality products that focus on mega trends, flexible asset and cost management, access to global markets and focus on emerging markets, innovation and technology, And entrepreneurial spirit and performance-oriented corporate culture.
LANXESS's focus on high-quality products is crucial to the "price-before-volume" strategy. When the product can not reach the right price, LANXESS would rather sacrifice this business. By strictly implementing this strategy, LANXESS has successfully controlled the price fluctuations of raw materials and other input costs.
Emphasis on high-growth emerging markets is crucial to the long-term development of LANXESS. Since 2005, LANXESS has achieved nearly 70% growth in the Asia Pacific region and nearly 40% growth in North America and Latin America.
Given that high-quality product strategies are critical to the growth of the company, LANXESS will continue to focus on four major major trends: motorization, urbanization, agriculture and water resources.
Second, to promote growth with “green motorization†Global demand for more sustainable motorization is growing. LANXESS offers customers synthetic rubber for “green tires†and materials for light weight production of automobiles. The products all contribute to a significant reduction in fuel consumption and gas emissions.
Dr. He Deman said: "Our strong performance reflects our superior position in the 'green motorization' field."
In 2011, sales of “green motorized†related products reached 1.5 billion euros, which accounted for 17% of the total sales of LANXESS. In the first half of 2012, sales of such products reached 878 million euros, an increase of approximately 20% over the same period of last year. The goal of LANXESS is to increase the total sales of “green motorized†related products to 2.7 billion euros by 2015.
Third, dual-track growth LANXESS will continue to implement a dual-track growth strategy, maintaining a ratio of organic growth and external growth of about 2:1, that is, capital expenditure projects are more important than acquisitions.
In the past two years, LANXESS announced capital expenditures of 1.4 billion euros, most of which were invested in high-performance polymer segments, including expansion, reconstruction and construction of new plants.
LANXESS invests in a global network of high-quality, lightweight plastics to meet the needs of motorized development. In the next two years, LANXESS plans to invest 125 million euros in capital expenditures, and it is expected that from 2016 onwards, it will create annual sales revenue of 200 million euros.
In emerging markets, capital expenditures are more used for the construction of new factories to establish new asset platforms. LANXESS's newest Nd-PBR plant in Singapore is one of the best examples. The plant, with a total investment of approximately 200 million Euros, will provide Asian customers with the rubber needed to make "green tires." It is estimated that since 2017, the annual sales of the factory will reach 300-350 million euros.
IV. External growth Last week, LANXESS acquired Bond-Laminates, a German company that produces customized plastic composite panels (adding fiberglass and other materials to increase its strength). Compared to metal materials, these plastic composite panels are easier to process and reduce weight by as much as 40%, enabling automakers to reduce production costs and increase vehicle design freedom.
Dr. He Deman said: “We have our own principles when considering any potential organic or external growth projects. The return on all capital expenditure projects cannot be lower than the company’s ROCE, and our Acquisitions must also be executed in strict compliance with company strategy and financial standards, such as: EPS (Value-added-per-share) growth in three years."
V. Sound financial policies LANXESS's successful growth strategy also benefits from sound financial policies, including: prudent acquisitions, long-term debt repayment terms, and a stable investment-grade rating.
Specifically, LANXESS is committed to maintaining the ratio of net financial liabilities and EBITDA within the normal business range to 1 to 1.5 within the normal business cycle.
Bernhard Duettmann, LANXESS’s chief financial officer, said: “The long-term strategy and forward-looking financial risk management allow us to have sufficient liquidity to ensure the operation of our working capital and business. In the future, we will continue this practice.â€
By the end of the second quarter of 2012, LANXESS had a liquidity reserve of more than 1.8 billion euros on its current assets and undrawn credit lines.
The credit rating agency holds a positive liquidity rating for LANXESS. Since 2007, LANXESS has maintained a BBB investment grade rating, which demonstrates LANXESS's solid market position and healthy financial position.
VI. LANXESS's 14 Business Units Since January 1, 2013, LANXESS's existing 13 business units will increase to 14. The Industrial Rubber Products (TRP) Business Unit will be split into two. Keltan Elastomers (KEL) will become an independent business unit that includes only EPDM products to reflect the growing global importance of the EPDM synthetic rubber business. The KEL Business Unit will be headed by Dr. Wei Guotao, currently the head of the Industrial Rubber Products Business Unit. The number of factory employees in the Netherlands, China, the United States, Germany and Brazil will reach around 600.
Mr. Ming Cheng Chien, currently head of the EPDM business line of the Industrial Rubber Products Business Unit, will take over as CEO of LANXESS Greater China, and the current Greater China CEO, Martin Kraemer Mr. Will be in charge of the newly established Benzene Products and Mineral Acid Business Line of the High-Quality Industrial Intermediates Business Unit (AII). All personnel changes will take effect on February 1, 2013.
In China, LANXESS spends 235 million euros to build a EPDM rubber production plant. Once the project is fully loaded, sales will reach 400 million euros in the future. EPDM rubber is widely used in the automotive industry, such as wipers, door seals, etc., while China is currently the world's largest automotive producer.
In addition to EPDM, the product portfolio of the Industrial Rubber Products Business Unit also includes neoprene, hydrogenated nitrile rubber, ethylene-vinyl acetate rubber, and nitrile rubber. These products will become another independent business unit, the High Performance Elastomers (HPE) Business Unit, which is headed by Jan Paul de Vries and will employ around 800 employees in Germany, the United States, France, and China. Another approximately 100 employees will be transferred from the Industrial Rubber Products Business Unit to the Group's innovative functional department.
The LANXESS Group Management Board, Dr. Axel C. Heitmann, stated on the media day in New York: “LXS has transformed into a growth company. We will continue to implement our new mid-term goals. The two-track strategy of organic growth and external growth.†It turns out that this strategy is a success.
First, a successful strategy LANXESS will continue to move forward based on the five successful elements of success: high-quality products that focus on mega trends, flexible asset and cost management, access to global markets and focus on emerging markets, innovation and technology, And entrepreneurial spirit and performance-oriented corporate culture.
LANXESS's focus on high-quality products is crucial to the "price-before-volume" strategy. When the product can not reach the right price, LANXESS would rather sacrifice this business. By strictly implementing this strategy, LANXESS has successfully controlled the price fluctuations of raw materials and other input costs.
Emphasis on high-growth emerging markets is crucial to the long-term development of LANXESS. Since 2005, LANXESS has achieved nearly 70% growth in the Asia Pacific region and nearly 40% growth in North America and Latin America.
Given that high-quality product strategies are critical to the growth of the company, LANXESS will continue to focus on four major major trends: motorization, urbanization, agriculture and water resources.
Second, to promote growth with “green motorization†Global demand for more sustainable motorization is growing. LANXESS offers customers synthetic rubber for “green tires†and materials for light weight production of automobiles. The products all contribute to a significant reduction in fuel consumption and gas emissions.
Dr. He Deman said: "Our strong performance reflects our superior position in the 'green motorization' field."
In 2011, sales of “green motorized†related products reached 1.5 billion euros, which accounted for 17% of the total sales of LANXESS. In the first half of 2012, sales of such products reached 878 million euros, an increase of approximately 20% over the same period of last year. The goal of LANXESS is to increase the total sales of “green motorized†related products to 2.7 billion euros by 2015.
Third, dual-track growth LANXESS will continue to implement a dual-track growth strategy, maintaining a ratio of organic growth and external growth of about 2:1, that is, capital expenditure projects are more important than acquisitions.
In the past two years, LANXESS announced capital expenditures of 1.4 billion euros, most of which were invested in high-performance polymer segments, including expansion, reconstruction and construction of new plants.
LANXESS invests in a global network of high-quality, lightweight plastics to meet the needs of motorized development. In the next two years, LANXESS plans to invest 125 million euros in capital expenditures, and it is expected that from 2016 onwards, it will create annual sales revenue of 200 million euros.
In emerging markets, capital expenditures are more used for the construction of new factories to establish new asset platforms. LANXESS's newest Nd-PBR plant in Singapore is one of the best examples. The plant, with a total investment of approximately 200 million Euros, will provide Asian customers with the rubber needed to make "green tires." It is estimated that since 2017, the annual sales of the factory will reach 300-350 million euros.
IV. External growth Last week, LANXESS acquired Bond-Laminates, a German company that produces customized plastic composite panels (adding fiberglass and other materials to increase its strength). Compared to metal materials, these plastic composite panels are easier to process and reduce weight by as much as 40%, enabling automakers to reduce production costs and increase vehicle design freedom.
Dr. He Deman said: “We have our own principles when considering any potential organic or external growth projects. The return on all capital expenditure projects cannot be lower than the company’s ROCE, and our Acquisitions must also be executed in strict compliance with company strategy and financial standards, such as: EPS (Value-added-per-share) growth in three years."
V. Sound financial policies LANXESS's successful growth strategy also benefits from sound financial policies, including: prudent acquisitions, long-term debt repayment terms, and a stable investment-grade rating.
Specifically, LANXESS is committed to maintaining the ratio of net financial liabilities and EBITDA within the normal business range to 1 to 1.5 within the normal business cycle.
Bernhard Duettmann, LANXESS’s chief financial officer, said: “The long-term strategy and forward-looking financial risk management allow us to have sufficient liquidity to ensure the operation of our working capital and business. In the future, we will continue this practice.â€
By the end of the second quarter of 2012, LANXESS had a liquidity reserve of more than 1.8 billion euros on its current assets and undrawn credit lines.
The credit rating agency holds a positive liquidity rating for LANXESS. Since 2007, LANXESS has maintained a BBB investment grade rating, which demonstrates LANXESS's solid market position and healthy financial position.
VI. LANXESS's 14 Business Units Since January 1, 2013, LANXESS's existing 13 business units will increase to 14. The Industrial Rubber Products (TRP) Business Unit will be split into two. Keltan Elastomers (KEL) will become an independent business unit that includes only EPDM products to reflect the growing global importance of the EPDM synthetic rubber business. The KEL Business Unit will be headed by Dr. Wei Guotao, currently the head of the Industrial Rubber Products Business Unit. The number of factory employees in the Netherlands, China, the United States, Germany and Brazil will reach around 600.
Mr. Ming Cheng Chien, currently head of the EPDM business line of the Industrial Rubber Products Business Unit, will take over as CEO of LANXESS Greater China, and the current Greater China CEO, Martin Kraemer Mr. Will be in charge of the newly established Benzene Products and Mineral Acid Business Line of the High-Quality Industrial Intermediates Business Unit (AII). All personnel changes will take effect on February 1, 2013.
In China, LANXESS spends 235 million euros to build a EPDM rubber production plant. Once the project is fully loaded, sales will reach 400 million euros in the future. EPDM rubber is widely used in the automotive industry, such as wipers, door seals, etc., while China is currently the world's largest automotive producer.
In addition to EPDM, the product portfolio of the Industrial Rubber Products Business Unit also includes neoprene, hydrogenated nitrile rubber, ethylene-vinyl acetate rubber, and nitrile rubber. These products will become another independent business unit, the High Performance Elastomers (HPE) Business Unit, which is headed by Jan Paul de Vries and will employ around 800 employees in Germany, the United States, France, and China. Another approximately 100 employees will be transferred from the Industrial Rubber Products Business Unit to the Group's innovative functional department.
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