Lanxess raises chemical prices to counter effects of Iran war [Yahoo! Finance]
BRENNTAG SE UNSP/ADR (BNTGY)
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Source: Yahoo! Finance
the speciality chemicals maker reported annual results ?and announced job cuts earlier on Thursday. The U.S.-Israeli war on Iran, continuing into its ?third week, has pushed up prices in the chemicals sector and disrupted markets, sparking fears that the widening conflict will create an oil price shock, raise inflation and dampen consumer demand. Chemical companies have been hit particularly ?hard, as many raw ?materials for the industry are produced in the Middle East. Lanxess CEO Matthias Zachert told reporters that the prices ?the company pays for energy and materials had been going up since the war started. "We have to do something about it and pass ?on these ?price increases, so that we do ?not have to foot the ?bill," Zachert said. "If you have a look at the situation, our competitors are doing the same thing, but we started early in order to counteract as early as possible." Some other chemicals companies, including Brenntag , Wacker Chemie and BASF , have also star
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