Chemical and paints concern AkzoNobel is to cut 3,500 jobs in the coming three years. In a statement released on Monday morning, AkzoNobel said it will also make additional net cost savings of €100m as part of its accelerated drive to create synergies from its takeover of Britain’s ICI.

Speaking at an analyst conference in London, CEO Hans Wijers said the company needs to take ‘aggressive action to accelerate the synergies of the new combination and to further improve operational effectiveness’.
AkzoNobel now wants synergy advantages from its acquisition of ICI to be realised in 2010.
The statement went on to say: ‘The world economy has now clearly entered a phase of lower growth, particularly in the mature markets,” continued Wijers. “In these challenging markets, only lean companies succeed. We have therefore started a rigorous drive to further reduce our cost base.’
The company said it has suspended its share buy-back programme due to uncertainty in financial markets.
The measures announced on Monday must lead to an ebitda margin of at least 14% by the end of 2011, the company said. AkzoNobel maintains its forecast for the rest of this year.
Operational results must be in the region of the €1.87bn achieved in 2007, the company statement said.