AkzoNobel reported recently reported that trading into the fourth quarter of 2013 has continued to be in line with previous trends, and the economic environment continued to be challenging. As previously indicated, AkzoNobel’s full year 2013 operating income before incidental items is unlikely to exceed €908 million.
The Performance Improvement Program is on track to achieve its 2013 targets. Restructuring charges are expected to exceed €300 million, largely in line with prior indications for 2013. For 2014, we see continued opportunities to invest in additional efficiency gains and now anticipate charging at least €250 million in the year.
During the fourth quarter, the sale of the Building Adhesives business was successfully completed, which will result in an incidental profit of around €200 million. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Specialty Chemicals, among others.