AkzoNobel sees slow market stabilisation

Chemicals company AkzoNobel said on Tuesday there are signs the market is stabilising but that the current trading situation is still ‘severe’.

Third quarter sales fell 10% to €3.65bn, but sales were up 30% at €197m, due to one-offs, the company said in a statement.
‘We have seen some signs of an improvement in emerging markets, but overall we don’t foresee a quick recovery,’ said AkzoNobel CEO Hans Wijers. ‘We remain committed to implementing our restructuring and integration programmes and we are on track to deliver on our previously stated EBITDA margin target of 14% by the end of 2011.’

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