Lenzing turnover skyrockets

Cellulose fibre maker Lenzing AG raked in more than one billion Euros in the first nine months of this year.The company said today (Tues) that its turnover soared from 885 million Euros in the first three quarters of 2009 to 1.29 billion Euros in the same time period of this year.The firm, which is based in the Upper Austrian town of Lenzing and quoted on the Vienna Stock Exchange (WBAG), added it tripled its earnings before interest and taxes (Ebit) to 168.8 million Euros.Lenzing said it increased its production facilities to meet higher demand for its products. It pointed out having had difficulties serving some customers due to immense request from emerging markets like Turkey, China and India.The company, which has around 6,000 employees, said it planned to carry out a capital increase ahead of the next general summit in April 2011.Lenzing said the plan was to increase capacities from its current 690,000 tons to one million tons by 2015. The firm exports around 88.4 per cent of its production.The firm said only recently it will invest around 137 million Euros in a new facility located south of Mumbai, India, where it plans to start doing business by 2013.