Abstract
The chief executives of Lanxess, Evonik Industries, and Covestro—three of Germany’s largest chemical firms—are in a sprightly mood after strong trading in the second quarter led them to raise their profit forecasts for 2016. Their improved outlook comes despite depressed chemical prices and turbulence in some markets. And it contrasts with that of BASF, Germany’s largest chemical maker. Lanxess has raised its forecast for 2016 pretax earnings to a range of $1.04 billion to $1.08 billion from its earlier prediction of $1.0 billion to $1.06 billion. The firm anticipates increased sales volumes, leaner costs, increased plant utilization, and a more profitable product mix achieved by restructuring of some businesses. Lanxess recorded a 13.8% drop in second-quarter net profits to $84 million on sales down 7.7% to $2.3 billion compared with the same period a year ago. For the first time, the firm’s results reflect the sale of 50% of its
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