08/09/2017 06:01:49

AkzoNobel announces new management structure and measures to ensure delivery of 2020 financial guidance

Related content
06 Nov - 
AkzoNobel successfully issues €500 million floating rat..
30 Oct - 
AkzoNobel confirms constructive discussions with Axalta..
18 Oct - 
Revenue and volumes up despite strong headwinds

September 8, 2017

Akzo Nobel N.V. (AKZA.AS; AKZOY)

AkzoNobel today announces a new management structure for its Paints and Coatings business in advance of creating two focused high-performing businesses; Paints and Coatings and Specialty Chemicals.

This announcement follows the recently communicated changes to the Executive Committee, including the appointment of Ruud Joosten as Chief Operating Officer and David Allen as Chief Supply Chain Officer.

The new, fully integrated, management structure will increase customer focus, drive further operational excellence, and build greater momentum and speed across the business. It will be based on four regional Paints business units and four integrated Coatings business units with full profit and loss responsibility. The businesses will be served by a world-class integrated supply chain organization enabling accelerated efficiencies.

In addition, the company is implementing a range of measures to mitigate current market challenges. These challenges include unfavorable foreign exchange rates, continued headwinds for the Marine and Protective Coatings industry, temporary disruption to the manufacturing and supply chain during the third quarter and current margin pressure from greater than expected raw material cost inflation.

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).

Steps already taken, including increased selling prices and additional cost control measures, are expected to enable AkzoNobel to deliver EBIT for 2017 higher than 2016 although by less than the previously communicated increase of €100 million.

The separation of Specialty Chemicals remains on track for April 2018.

Thierry Vanlancker, CEO AkzoNobel said:

"Current challenges in the paints and coatings markets are having a wider and greater impact as the year continues and we are dealing with these head-on. Our new management structure will increase customer focus, drive further operational excellence, and build greater momentum and speed.

AkzoNobel is delivering growth and the organization changes we are making will pave the way for the creation of two focused businesses. These changes will help us deliver a stronger 2017 than 2016, despite dealing with current market challenges, and help to ensure we achieve our 2020 financial guidance."

This is a public announcement by AkzoNobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).

 ---

About AkzoNobel

AkzoNobel creates everyday essentials to make people's lives more liveable and inspiring. As a leading global paints and coatings company and a major producer of specialty chemicals, we supply essential ingredients, essential protection and essential color to industries and consumers worldwide. Backed by a pioneering heritage, our innovative products and sustainable technologies are designed to meet the growing demands of our fast-changing planet, while making life easier. Headquartered in Amsterdam, the Netherlands, we have approximately 46,000 people in around 80 countries, while our portfolio includes well-known brands such as Dulux, Sikkens, International, Interpon and Eka. Consistently ranked as a leader in sustainability, we are dedicated to energizing cities and communities while creating a protected, colorful world where life is improved by what we do.

Not for publication - for more information

Corporate Media Relations Corporate Investor Relations
T +31 (0)88 - 969 7833 T +31 (0)88 - 969 7590
Contact: Diana Abrahams Contact: Lloyd Midwinter

                                                                                               

Safe Harbor Statement

This press release contains statements which address key issues such as AkzoNobel's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest annual report, a copy of which can be found on our website:www.akzonobel.com.

PDF Media Release


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: AkzoNobel NV via Globenewswire

Attachment: PDF Media Release.pdf

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Alliance Trust PLC : Net Asset Value(s)

17/11/2017 13:20:40
ALLIANCE TRUST PLC                                    At the close of business on Thursday 16 November 2017: The Company's NAV per ordinary share, valued on a bid price basis with Debt at Par, was -       excluding income, 778.8p -       including income, 788.4p  The Company's NAV per ordinary share, valued on a bid price basis with Debt at Fair Value, was -       excluding i..

Dimensional Fund Advisors Ltd. : Form 8.3 - Tesco Plc - Ordinary shares

17/11/2017 10:28:48
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser:   Dimensional Fund Advisors Ltd. ("Dimensional"), in its capacity ..

Alliance Trust PLC : Net Asset Value(s)

16/11/2017 14:31:51
ALLIANCE TRUST PLC                                    At the close of business on Wednesday 15 November 2017: The Company's NAV per ordinary share, valued on a bid price basis with Debt at Par, was -       excluding income, 773.4p -       including income, 782.9p  The Company's NAV per ordinary share, valued on a bid price basis with Debt at Fair Value, was -       excluding ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
VR Resources Provides Corporate Update
2
Cuba Ventures Corp. Blockchain Revolupay identifies CCU Coin Cryptocurrency Data mining center in the Bahamas for possible synergy. CEO Steve Marshall meets with CEO of Stonegate Bank USA.
3
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ford Motor Company of Class Action and Upcoming Deadline – F
4
Doubletree By Hilton Carson Offers Active Duty Military And Veterans An Extra 20 Percent Off ‘Los Angeles Chargers Room And Ride’ Package; Supports Chargers ‘Salute To Service’ On November 19
5
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Trivago N.V., Inc. of Class Action Lawsuit and Upcoming Deadline – TRVG

Related stock quotes

Akzo Nobel 77.59 0.0% Stock price unchanged

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
18 November 2017 00:44:29
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20171108.1 - EUROWEB3 - 2017-11-18 01:44:29 - 2017-11-18 00:44:29 - 1000 - Website: OKAY