PITTSBURGH — In order to move forward in its restructuring process, specialty chemicals company LANXESS has defined a three-phrase program, according to a press release.
The “Let’s LANXESS again” plan is broken down into three areas:
- Business & Administration Structure Competitiveness
- Operations Competitiveness
- Portfolio Competitiveness.
The plan involves reducing the company’s business units from 14 to 10. The company will also reduce its global administration workforce and consolidate specific areas, said the release.
Two units to be combined are the Butyl Rubber and Performance Butadiene Rubbers units. The two will be merged to form the Tire & Specialty Rubbers unit.
The second phase of the plan includes examining production facilities with respect to market requirements and synergy potential, explained the release.
The plan’s third phase, portfolio competitiveness, has already begun, stated the release.
LANXESS will present more details about the realignment at Media and Capital Markets Day on Nov. 6. The press release said the company will provide regular information on the status of the process.
