Pirelli tires and synthetic rubber suppliers of Bridgestone tires , German LANXESS Group, announced that it invested 600 million euros (812 million US dollars) in 2012 to expand tire material production capacity.
In a recent interview, Bernhard Duettmann, the chief financial officer of LANXESS Group, said that the company plans to double its production capacity at the Cabo plant in Brazil to the present, and plans to convert another factory in Brazil into an environmentally friendly tire material production plant. There are also other investment projects, including expanding product lineups.
In the third quarter of this year, LANXESS Group's sales increased by 26% year-on-year to 2.3 billion euros (3.1 billion U.S. dollars), and EBITDA increased by 27% year-on-year to 311 million euros (419 million U.S. dollars). LANXESS expects the annual profit before tax, depreciation and amortization to increase by 20% to 1 billion euros (1.35 billion U.S. dollars).
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