AkzoNobel sets out plans
AkzoNobel will raise its financial targets and detail plans for its chemicals division next month in the wake of PPG’s interest in the business.
According to Reuters the business said it will announce the plans on 19 April and also brought forward the release of its first quarter earnings to that date, giving investors a week to digest its case for remaining independent before the company’s annual meeting on 25 April.
‘Our new strategy will further unlock the value within the company, including the creation of two focused businesses,’ AkzoNobel CEO, Ton Buechner said in a statement. It will ‘deliver improved profitability and additional long-term value creation for shareholders, employees (and) customers,’ he said.
The company said it would unveil plans for selling or floating its chemicals division, which accounts for about a third of company sales and profits and has been estimated to have a standalone value of around €8bn.