LANXESS AG / Strategic Company Decision/Agreement 30.01.2009 Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- LANXESS finalizes global package to counter crisis Leverkusen LANXESS AG has put together a global package of measures named 'CHALLENGE 09' in order to mitigate the effects of weak demand worldwide and strengthen the specialty chemicals groups position. This package includes a number of technical process improvements as well as measures affecting personnel. Due to the global recession customer demand, especially in the automobile and construction industries, remained weak in January. LANXESS does not expect the current economic environment to radically improve going forward. After holding negotiations with employee representatives and the IG BCE (the German Mining, Chemical and Energy Industry Union), the following was agreed upon for around 5,000 German non-managerial employees in 2009: Introduction of a 35-hour working week with a corresponding remuneration decrease as of March 2009 for initially 12 months No bonus for the business year 2009 This result is still conditional upon approval from the respective parties involved. The following measures for the business year 2009 are envisaged for LANXESSs Board of Management as well as managerial employees in Germany: Reduction in variable salary of LANXESS AG Board of Management amounting to 10% of fixed salary Managerial employees will adjust their variable salaries and their annual fixed salary reviews for 2009 will be postponed by at least six months. If economic conditions worsen in the coming months, senior management and employee representatives will meet on a regular basis to discuss further measures. Salary reviews worldwide will also be postponed by at least six months. In some countries, salary increases will be postponed by twelve months. In addition, measures to lower personnel costs will be agreed upon according to the respective country conditions. Through these measures, which are initially intended for the next twelve months, the company will lower its cash outs by roughly 50 million Euros over the period 2009/2010. Leverkusen, January 30, 2009 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. DGAP 30.01.2009 --------------------------------------------------------------------------- Language: English Issuer: LANXESS AG Gebäude K10 51369 Leverkusen Deutschland Phone: +49 (0)214 30 33333 Fax: +49 (0)214 30 40 944 E-mail: ir@lanxess.com Internet: www.lanxess.com ISIN: DE0005470405 WKN: 547040 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart; Terminbörse EUREX End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: LANXESS AG: LANXESS finalizes global package to counter crisis
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