14 / 48
Interviews
The further investment into the plant of our subsidiary
Saltigo is presently the most prominent project. Further
options we are presently investigating. First of all it is about
extensions of existing plants and not necessarily about the
building of new plants. But we are not in a hurry. This also
relates to acquisitions. The capital expenditure into the
organic growth we are stretching over the next three to
four years.
Are you sure, that there is no hurry as to acquisitions? The
consolidation of the industry of chemicals is indeed in full
swing.
On the one hand the consolidation is happening, on the
other hand, however, there are also business areas, which
are being de-consolidated or de-merged. Also in the
last ten years, there have again and again business units
been offered in the market. Because of up to now our
tense financial situation, we could not at all until recently
participate in this process. This is now different. But at
the end of the day it is all about creating added value.
Therefore we do not let ourselves been hasted at M & A
transactions, also given the fact, that we have just about
announced an acquisition of the hygiene and disinfection
business of Chemours. We have achieved in the past 18
months to deleverage the corporation group, to adapt the
group structures, to get the cash flow again flowing, and
to bring our synthetic business into a joint venture, and to
initiate an acquisition. We have thus performed a lot in a
short time.
When today an attractive business is put up for sale, then
it will certainly not be available any more in six months.
We are putting ourselves, very consciously, not into a
position in which we have to carry out an acquisition at
the time of X. It is important, that it fits strategically and
financially. Then we shall also be in a position, to act
quickly, as one can see at the example of Chemours.
Your fine chemicals subsidiary is a “prolonged work
bench” of the agrochemical groups. What does mean the
just ongoing consolidation in this industry - Chemchina
acquires Syngenta, Bayer is courtingMonsanto, and from
the merger of Dupont and Dow Chemical results another
large agrochemical group - for Saltigo?
This we regard as neutral to positive for our business.
Especially in the case of Dupont and Dow Chemical there
will certainly result also new chances for strong supplier
producers like us. In total, the consolidation is showing that
all players regard the segment as a growth market. And we
share this view.
You have announced, to reduce the rating – relevant
financial debt by 400 mio €. If one looks at what Bayer
is ready to pay for Monsanto, one could mean, that debt
ratios today are not any longer so important. What is
your view on this?
We have a slogan, which we apply since the first day of the
existence of Lanxess: We want to have an investment grade
Rating. This is also not changing by way of that actually there
is much liquidity in the markets, and by that also corporations
with weaker Rating grades have good access to liquidity. It
is just about seven years, since when it has been difficult for
corporations with investment grade Ratings, to get liquidity at
all.Atthetimewewerereallyglad,tohaveaninvestmentgrade
Rating.
Do you have a concrete target Rating within the investment
grade?
Today we are valued with BBB-, and we are thus on the
14