AkzoNobel ‘on track’
AkzoNobel has published its results for 2017 stating it is ‘on track to create two focused, high performing businesses’.
The business announced that the separation of Specialty Chemicals is on track for April 2018 and is now reported as discontinued operations. Revenue, including discontinued operations, was up three per cent at €14,575m. Earnings before interest and taxes (EBIT), including discontinued operations, was up two per cent at €1,525m. Performance Coatings revenue was up two per cent.
AkzoNobel NV CEO, Thierry Vanlancker, commented, ‘In 2017 we delivered another year of increased EBIT with revenue growth for all business areas, driven by a combination of higher volumes and bolt-on acquisitions.’
He continued, ‘We are on track to create two focused, high performing businesses. The internal separation of the Specialty Chemicals business is complete and a full separation remains on track for April 2018. The transformation of AkzoNobel into a focused Paints and Coatings company is progressing well, with phase one on track to achieve €110m savings in 2018, contributing directly towards delivering the 2020 financial guidance.’