Akzo Nobel to speed up restructuring

Tuesday 24 February 2009

Chemicals and specialty paints maker Akzo Nobel said on Tuesday it had booked a full year loss of €1.1bn, hit by the cost of its acquisition of British chemicals group ICI and the economic downturn.

The slow down is apparent in all three divisions (decorative paints, performance coatings and specialty chemicals) and across all territories, the company said in a statement.

'The harsh trading conditions experienced towards the end of the fourth quarter have continued into 2009 and, as a result, we expect this year to be very challenging ' said CEO Hans Wijers in a statement.

Wijers said that the company would now accelerate the implementation of its restructuring process, which include plans for job cuts and plant closures.

© DutchNews.nl

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