LANXESS funds pensions with EUR 100 million
- Group-wide pension funding status improves to around 60 percent
- Safeguarding company pension scheme
CologneSeptember 24, 2020
Specialty chemicals company LANXESS is increasing its German pension plan assets by EUR 100 million. The pension provisions, which amounted to EUR 1.135 billion at the end of the second quarter of 2020, are reduced accordingly. The Group-wide funding status of pension obligations improves from around 56 percent to around 60 percent with this transaction.
“We are again adding to our pension assets in order to further safeguard our company pension scheme. Future-proof pensions for our employees are of great importance to us,” said Michael Pontzen, Chief Financial Officer of LANXESS.
LANXESS is a leading specialty chemicals company with sales of EUR 6.7 billion in 2023. The company currently has about 12,400 employees in 32 countries. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives and consumer protection products. LANXESS has achieved leading positions in the Dow Jones Sustainability Index and the MSCI ESG and ISS ESG ratings, among others, for its commitment to sustainability.
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors, nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
