Chemicals company Akzo Nobel boosted its net profit 165% to €754m last year on sales up 12% and is forecasting further sales growth of 5% this year.
Demand for the company’s paints and coatings grew between 10% and 20% in all markets, the company said.
Raw material prices increased in 2010, particularly in the second half of the year, and more rises are expected in 2011. ‘Pricing and cost reduction actions are ongoing and AkzoNobel is confident that it will be able to compensate for these increases during 2011,’ the company said in a statement.
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