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2016-05-10

LANXESS adds funding of EUR 200 million to pension assets

Specialty chemicals company LANXESS is increasing its pension plan assets in Germany by EUR 200 million, thereby significantly reducing its pension provisions.

  • Group-wide pension funding status improves to 51 percent
  • Funding increase reduces Group debt
  • Further safeguard for employee pensions

Specialty chemicals company LANXESS is increasing its pension plan assets in Germany by EUR 200 million, thereby significantly reducing its pension provisions. The contribution comes out of the proceeds of the joint venture transaction with Saudi Aramco.

 

LANXESS had already announced that it would use about EUR 400 million out of the roughly EUR 1.2 billion proceeds to reduce debt. “Pension provisions constitute a major part of our debt, which we are now actively reducing by strengthening our pension assets,” said Michael Pontzen, Chief Financial Officer of LANXESS AG. “With this voluntary pension funding, we are also addressing the challenge posed by continuing low interest rates.”

 

The increase in pension assets also further safeguards employee pensions. “Future-proof pensions for our employees are of great importance to us. Adding to pension assets represents a significant contribution by the company,” said Rainier van Roessel, Labor Relations Director and member of the Board of Management of LANXESS AG.

 

Among the reasons for the high pension provisions in the Group is the low-interest environment. Pension provisions amounted to EUR 1,375 million at the close of the first quarter of 2016. The EUR 200 million contribution reduces pension provisions to EUR 1,175 million and improves the funding status of pension obligations Group-wide from 43 percent to 51 percent.

Forward-Looking Statements

This news release contains forward-looking statements based on current assumptions and forecasts made by LANXESS AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

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