Lanxess AG is rearranging its additives business into three units, up from its current structure of two, and has appointed Anno Borkowsky to run the Speciality Additives segment.
The firm's current additives business will be split into two separate units—Polymer Additives headed up by Karsten Job and Lubricant Additives led by Martin Saewe.
The firm's Rhein Chemie business unit, also part of the Speciality Additives segment, will remain as is and continue to be led by Philipp Junge.
"The additives business has become increasingly important for Lanxess in recent years, not least because of the acquisition of Chemtura," Lanxess CEO Matthias Zachert said in a statement.
"This is now reflected in the creation of a new area of responsibility within the Board of Management. As a leading additives supplier, we still have many more plans, and Anno Borkowsky is the right man to further expand our position here."
Effective 1 June, Borkowsky's appointment also gives him a seat on the firm's board of management, which will expand to five members. Zachert had previously been responsible for the Specialty Additives segment.
Lanxess Chairman Matthias Wolfgruber said Borkowski is a "highly experienced manager," and brings nearly 30 years of experience. He was appointed to lead the firm's Rhein Chemie business in 2004 until he took over the newly formed Additives business unit in 2017.
The firm also reported its 2019 first quarter financial results, noting that sales were on par with the previous year's period at about €1.82bn. Earnings (EBITDA pre exceptionals) was up 1.9% at €275m, while net income increased 3.7% to €84m.
"Despite the weaker trading environment, we have made a good start to the new fiscal year," Zachert said.
"Our results are further proof that we are on a much more stable footing than a few years ago: We have more than made up for the declining demand from the automotive industry, and increased our profitability once again, even compared with the strong previous-year quarter."