Leather chemicals manufacturer Lanxess reported a slight decline in sales in 2016, but its profit increased.
Total sales for the year were €7.7 billion, down from €7.9 billion in 2015. Lanxess attributed this fall to the “adjustment in selling prices to reflect lower raw material costs”.
Its profit before deductions came in at €995 million, 12.4% higher year-on-year.
“Lanxess is back on track for success,” announced Matthias Zachert, chairman of the Lanxess board. “We have achieved key milestones in our reorganisation to make Lanxess a more stable and profitable enterprise and we have progressed a good way on our course of growth.”
The company made no specific reference to leather chemicals in its results, but its Performance Chemicals division, which includes leather chemicals, recorded a 2.7% increase in sales to €2.14 billion. Profit before deductions for this segment was €374 million, 14.7% higher than in 2015.
Information courtesy of Leatherbiz