LANXESS suspends share buy-back
In view of the corona crisis, the Board of Management of LANXESS AG decided today to suspend the share buy-back program decided on March 10, 2020 for an indefinite period. The program has a total volume of up to EUR 500 million and was initiated on March 12, 2020 with a first tranche of up to EUR 250 million.
Michael Pontzen, CFO of LANXESS AG: “In view of the challenges resulting from the corona pandemic, we need to conserve our liquidity. LANXESS has built up a very solid financial base in recent years. Nevertheless, we want to secure the greatest possible flexibility in the current situation.”
The Board of Management of LANXESS will continuously monitor the challenging situation and decide about a resumption of the share buy-back program in due course.
LANXESS is a leading specialty chemicals company with sales of EUR 6.8 billion in 2019. The company currently has about 14,300 employees in 33 countries. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives, specialty chemicals and plastics. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World and Europe) and FTSE4Good.