COLOGNE, Germany (dpa-AFX) - Specialty chemicals group Lanxess has given more concrete details on its announced cost-cutting program. "We want to save 150 million euros a year, so we will have to cut jobs, including in Germany. We are currently negotiating the type and scope with employee representatives," Lanxess CEO Matthias Zachert said in an interview with the "Rheinische Post" (Saturday edition). In this context, he said, it is primarily administration that will be affected by the job cuts.

"The Board of Management has already given up a quarter of its fixed salary, and senior executives ten percent. But now we also have to cut jobs, for example in administration," Zachert continued. He also said he could not rule out layoffs for operational reasons. "So far, Lanxess has always managed to make the job cuts in a socially responsible way. That is also the goal now."/lic/DP/he