August 10, 2007 | Press Releases, Financial & Business, Company News
LANXESS plans to buy back EUR 50 million in shares
Leverkusen - The Management Board of LANXESS AG today decided to repurchase shares of the company up to the value of EUR 50 million in the third quarter of 2007.
The shares are to be retired and therefore the earnings per share will increase.
A securities trading house will be instructed to carry out the share repurchase program via the stock exchange. The shares will be purchased in one or more tranches.
The stock repurchase will take place in line with the authorization pursuant to Section 71, Paragraph 1, No. 8 of the German Stock Corporation Act granted to the Management Board by the Annual Stockholders’ Meeting on May 31, 2007.
LANXESS is a leader in specialty chemicals with 2006 sales of EUR 6.94 billion and more than 16,000 employees in 21 countries. The company is represented at 47 production sites worldwide. The core business of LANXESS is the development, manufacture and sale of specialty chemicals, plastics, rubber and intermediates.
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.
