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Bayer posts earnings recovery

By Patrick Raleigh, UT On-line/news editorLeverkusen, Germany- Higher capacity utilisation and improved margins “in certain areas of the polyurethanes business” helped Bayer MaterialScience to a 21.6-percent rise in first quarter earnings (EBIT before special items) to EUR 135 million. Currency- and portfolio-adjusted sales came in at Euro1877 million-8.2 percent higher than the same period last year, the company reported 10 May. The Bayer businesses within Lanxess reported a 290-percent rise in EBIT before special items to Euro75 million from sales 2.1 percent lower at Euro1478 million The group linked the improved earnings to savings achieved through the cost-containment projects.Lanxess, which consists of Bayer’s chemicals, rubber, rubber chemicals businesses and certain of its plastics activities, is due to be spun off early next year.”

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