Higher fibre prices drive Lenzing's Q3 growth
Fibre producer Lenzing, a specialist in wood-based cellulosic fibres, has announced that its revenue grew 24% year on year during the third quarter (Q3), reaching €1.97 billion or approximately $1.92 billion.
The company attributed this growth due to higher fibre prices on the back of “extreme” global energy and raw material market pressures over the reporting period. Its managing board has already begun to implement cost reduction measures in response, the Austria-based developer revealed.
This reorganisation programme is ultimately expected to generate savings of at least €70 million ($68 million) in costs annualised and subsequently “strengthen Lenzing for the long term”, chief executive Stephan Sielaff said.
Mr Sielaff will continue to assume the responsibilities of chief financial officer until January 1, when new appointment Nico Reiner will officially replace Thomas Obendrauf in the role.
The manufacturer is celebrating 30 years of its Tencel fibre brand this year.
Image credit: Lenzing/Christian Leopold.
