Chromium Oxide Companies

Chromium Oxide Market

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  August 2023 – Lanxess, a leading chemical giant, disclosed strategies to lower prices, such as job cuts, and contacted German politicians to back the straining market; subsequently, its quarterly benefit dropped by more than half. The company, which until now had handled passing increasing power as well as raw material charges onto consumers, was one of the many German chemical companies that have lowered their prospects in recent times because of still high energy prices and low demand. Matthias Zachert, the CEO of the firm, said in a press release that the company immediately requires sustainable outline clauses – above all, a globally competitive electricity tariff for the market. Lanxess, which produces high-end specialty chemicals such as plastics, additives, flame retardants, and lubricants, stated it would help in saving more than 100 million euros (USD110 million) in 2023 via stringent cost discipline and a Europe-wide hiring freeze. More measures concentrating on evaluating its energy-concentrated tasks and rationalizing executive structures will result in yearly savings of covering 150 million from 2025, Lanxess said. Zachert added in a call these will include job cuts but did not elaborate on the number. The company said implementing these measures would cost around 100 million euros. The Cologne-headquartered cluster strategized to close the hexane oxidation plant with 61 staff at its Krefeld-Uerdingen site in Germany by 2026. The chromium oxide manufacturing plant with 52 employees at the same location would be shut down or sold.

Key Vendors are LANXESS (Germany), Venator Materials PLC (UK), Saint-Gobain (France), Elementis plc (UK), American Elements (US), Reade International Corp (US), Vishnu Chemicals (India), Hubei Zhenhua Chemical Co., Ltd (China), Chrome Star Chemical Works (India), and Hunter Chemical LLC (US), among others.