Akzo Nobel Coatings
reports increased sales
Akzo Nobel has reported that coatings sales for the third quarter 2003 have increased due to a combination of growth and acquisitions. Autonomous growth of four percent came mainly from Asia-Pacific and the U.S., resulting in a 10% increase in operating income. In addition, various bolt-on acquisitions improved distribution in Europe, according to the company.
“Especially volume growth more than offset the impact of steeply increasing raw material prices,” said Ron Frohn, Akzo Nobel’s CFO. “Raw materials are putting pressure on margins in all our coatings businesses.”
Frohn continued, “Decorative