September 14, 2013 / 2:46 PM / 4 years ago

Lanxess eyes acquisitions, paper

FRANKFURT, Sept 14 (Reuters) - Lanxess, the world’s largest maker of synthetic rubber for tyres, is looking at acquisitions to become less dependent on its synthetic rubber business, a German weekly said on Saturday, citing no sources.

WirtschaftsWoche said Chief Executive Axel Heitmann plans to buy companies in other chemical sectors, such as in chemical leathers and crop protection intermediate products.

A Lanxess spokesman declined comment to Reuters.

Lanxess, which competes with Exxon Mobil in synthetic rubber for tyres, tubes and window seals, derives more than 40 percent of sales from the automotive sector.

Last month it warned of a bigger-than-expected drop in 2013 earnings as car markets show no sign of recovery and growth in China slows. (Reporting by Marilyn Gerlach; additional Reporting by Frank Siebelt; editing by James Jukwey)

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