Akzo Nobel delivers Q3 results, transformation plan now underway
Akzo Nobel's volumes and revenues increased in its third quarter, though profits suffered a 13% decline.
The Netherlands-based multinational, owner of the Dulux paint brand, released its figures in a statement on Wednesday.
Volumes were up by 2%, driven by performance in its decorative paints and performance coatings divisions, while the small increase in revenue has been put down to that volume growth, plus company acquisitions.
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The business has endured difficulties over the past 12 months, with a management restructure implemented in September and a transformation plan now up and running to increase efficiency.
"We have continued to grow our business with higher volumes and increased revenues despite challenging market conditions in selected areas of our business, especially in Marine and Protective Coatings," explained its CEO, Thierry Vanlancker.
"We have also initiated phase one of our transformation plan to create a fit for purpose Paints and Coatings organization which will deliver €110mn annual savings in 2018 contributing towards our 2020 financial guidance."