AkzoNobel released its results for the third quarter 2008. The decorative paints business unit reported four percent growth and one percent growth from the acquisition of Barloworld in South Africa. Asia and Latin America continued to demonstrate strong double-digit growth. Revenue from its European business increased, despite the volume drop in the UK market. The performance in the U.S. was impacted by the continued soft trading environment with weak construction markets, underpinned the recession. Price increases together with tight cost control contributed to an increase of EBITDA in constant currencies of eight percent to €218 million, with an EBITDA margin of 14.7%.
Performance Coatings’ autonomous growth of five percent was strong, but was counterbalanced by currencies (five percent). Growth was achieved mainly by price increases, while volumes were fairly stable, according to the company. EBITDA in constant currencies slightly increased by one percent to €146 million. The EBITDA margin was 12.6%, in line with the previous year.