Financial News

Akzo Nobel reports strong 3Q

December 20, 2007

Akzo Nobel Coatings has reported a solid third quarter with revenues growth of three percent on last year to €1.7 billion. Autonomous growth was three percent, mainly driven by marine and protective coatings. Acquisitions added two percent, predominantly in industrial finishes.
The company also reported the turnaround of its decorative coatings business unit has continued in the quarter with a strong bottom line performance. This improvement in earnings has largely resulted from the ongoing restructuring programs that are being implemented in mature markets. Almost all countries are supporting this upswing.
Additionally, in the quarter the industrial finishes unit successfully completed the acquisition of Chemcraft while the prolonged correction in the North American residential construction industry has lead to soft demand in the North American-based and the Asian export driven businesses, the company said. The marine and protective coatings unit continued its excellent performance with double-digit revenues growth while the car refinishes unit performance was reported on track.