Another chemical giant says goodbye to leather. Last March 11, during the presentation of the last financial statements, Lanxess announced that its Business Leather Unit has ceased operations on December 31, 2019 and that it intends to put it up for sale because it is no longer strategic. “In the difficult economic context of 2019, we have achieved all our goals”, said Matthias Zachert, chairman of the board of Lanxess AG. Last year the German company developed a turnover of 6.8 billion euro generating a 3.3% increase in EBITDA. “Thanks to the strategic realignment, Lanxess is now more profitable and more stable than ever”.
The company’s disengagement from the tanning industry began last autumn with the sale of the chrome mine in South Africa to the Chinese company Brother Enterprises. Lanxess has announced that it intends to focus on the consumer protection sector and on new battery technologies.