A new mid-size, legally independent company will be set-up from the second quarter of 2006 by LANXESS.
A new mid-size, legally independent company will be set-up from the second quarter of 2006 by LANXESS. The company's fine chemical business unit will have a new name, new alignment and a new business model.
The separated company will be called Saltigo and will offer expertise in custom manufacturing to the global market. It will be a wholly owned subsidiary and will start with a capital investment from the parent company of €50 million up to the end of 2007, which may be doubled by 2010.
Sustainable improvement in commercial efficiency is an important objective for the company to close the gap with the competition. An agreement with the works council to lower the amount of employees by 500 has been reached, and to aid the mid-size company's start and create a favourable framework, unprofitable facilities will be closed.