AkzoNobel Announces New Management Structure For Paints And Coatings Business

(RTTNews) - Akzo Nobel NV (AKZOY.PK, AKZOY) announced a new management structure for its Paints and Coatings business. The new structure will be based on four regional Paints business units and four integrated Coatings business units with full profit and loss responsibility. The company said the separation of Specialty Chemicals remains on track for April 2018.

In addition, the company said it is implementing a range of measures to mitigate current market challenges. The company expects, steps already taken, including increased selling prices and additional cost control measures, to enable AkzoNobel to deliver EBIT for 2017 higher than 2016 although by less than the previously communicated increase of 100 million euros.

Akzo Nobel said the new management structure and additional measures are being implemented to ensure ongoing delivery of the AkzoNobel 2020 financial guidance, as announced in April 2017 (15% Return on Sales and >25% Return on Investment for Paints and Coatings).