Lanxess Said Close to Sale of Non-Core Rubber Units

German chemical producer Lanxess is said to be close to a sale of two of its rubber businesses which it last September identified as non-core and said it was studying "strategic options."

Activities initially named, including the Perlon-Monofil business line, rubber accelerators and antioxidants and nitrile-butadiene rubber, have combined sales of around €500 million and a workforce of around 1,000. They are based in Germany, Belgium, France, India and Nantong / China.

The two units said close to disposal have annual sales of €200 million, according to the news agency Reuters.

With the disposals and other restructuring activities, Lanxess is targeting savings of €100 million from 2015.

Reuters said the Cologne-based company, which is switching CEOs in the midst of a recently announced sharp deterioration of earnings and an expected loss for 2013, has hired the investment bank Macquarie to execute the divestment process.