Akzo Nobel earnings drop 30%, announces recovery programme

Chemicals and coatings company Akzo Nobel saw net profits drop 30% to €148m in the third quarter of this year, as the worsening economy and rising raw material costs continued to bite.


Revenue was up 5% to €4bn, driven by pricing actions to offset raw material cost inflation, the company said.
CEO Hans Wijers declined to give a forecast for the coming months, saying in a statement the company did not expect a quick recovery in the macro-economic situation.
In order to aid the recovery, the company also announced a major reorganisation aimed at boosting operating profit by €500m.
‘This performance improvement programme represents a major change in the way AkzoNobel is run and managed,’ Wijers said.
The overhaul will involve job losses but it is not yet clear how many.

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