News from Notch Consulting, Inc.

February 3, 2009

Responding to Downturn, Lanxess Shortens Work Hours, Cuts Salaries

Filed under: General, Rubber Chemicals — Notch @ 4:36 pm

Lanxess AG (Leverkusen, Germany) has announced a series of measures to deal with the global recession. Called “Challenge ’09,” the program includes the “introduction of a 35-hour working week with a corresponding remuneration decrease as of March 2009 for initially 12 months” and the elimination of bonuses for 2009. Lanxess agreed on the measures — which cover about 5,000 German non-managerial employees — after holding negotiations with employee representatives and the IG BCE (the German Mining, Chemical and Energy Industry Union). On the management side, Lanxess announced that the company’s managerial employees as well as its Board of Management would see a salary reduction of 10% of fixed salary, while fixed salary reviews for 2009 will be postponed by at least six months.

Here is the press release.

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