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...Lanxess chief executive Matthias Zachert invoked the global financial crisis last month to describe the dire state for speciality chemicals....
...Lanxess chief executive Matthias Zachert said the company would now be able to “better focus on our position as a leading player in mid-sized specialty chemicals markets” and “strengthen our financial basis...
...Lanxess, formed in 2004 when it spun off from Bayer, has been on a turnaround path recently under the leadership of Matthias Zachert....
...Mr Zachert said he was “very optimistic” that the “new” Lanxess will improve earnings against last year....
...“We do believe we’ve achieved a great coup with this acquisition,” said Matthias Zachert, chief executive of Lanxess, on a media call on Monday morning....
...Matthias Zachert, chairman of the board of management at Lanxess said: Through the acquisition, we are further implementing our strategy to become a more resilient and profitable chemical company....
...Mr Zachert knows Lanxess the way most parents know their children....
...Mr Zachert has begun restructuring Lanxess, where he worked as chief financial officer between 2004 and 2011, by raising fresh capital and consolidating business units....
...Mr Zachert will take over the role until a successor is found. Lanxess said it would present further details at a media and capital markets day on November 6....
...Lanxess is set to issue new shares equivalent to 10 per cent of its equity capital as new chief executive Matthias Zachert seeks to fund restructuring measures to revive a fallen star of the German chemical...
...Merck was in similar straits when Mr Zachert joined it in the middle of 2011: the stock has since doubled. Lanxess shares have greeted his arrival by rising 9 per cent....
...He will be succeeded by Matthias Zachert, a former Lanxess chief financial officer who is now CFO at Merck KGaA, the German pharmaceutical and chemical group....
...Shares in Merck fell 10 per cent last month after the exit of Matthias Zachert, the group’s well-regarded chief financial officer, to become chief executive of Lanxess, a German speciality chemicals maker...
...They were considered non-core,” says Matthias Zachert, Lanxess’s chief financial officer. “We are determined to prove them wrong.”...
...“We wanted to refinance existing debt and extend the maturity profile of our balance sheet further,” said Matthias Zachert, chief financial officer....
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