Matthias Zachert, chairman said 'We are continuing on course in the troubled waters of the coronavirus crisis and have specified out 2020 guidance. We want to deliver what we announced in the spring.
In the company's Engineering Materials business, which houses polyurethanes, sales declined by 19.3% between the third quarter of 2019 and the third quarter of 2020. They fell to EUR285m in the third quarter of 2020. This compares with EUR353m in the equivalent period last year.
At the same time, EBITDA in the division fell 44.1%. It reached EUR 33m in the third quarter of 2020. This compares with EUR59m in the equivalent period in 2019.
Third quarter demand from the automotive industry was weak but stronger than in the second quarter, said Lanxess. Lower prices and exchange rate effects also hit the business. Performance was also hit by a 'planned major maintenance shutdown in Belgium.'
Lanxess is paying workers on its plants a special bonus. Zachert said: 'In particular, our colleagues at the plants played a crucial role in keeping our business running during the crisis. We would like to thank them and the others who have made special contributions over the past months.'