Dutch company AkzoNobel profit falls 24 pct in tough market

THE HAGUE, Netherlands (AP) — Dutch paints and chemicals company AkzoNobel says its net profit fell by 24 percent in the third quarter to 216 million euros ($254 million) as higher raw material costs and unfavorable exchange rates canceled out a slight rise in revenue.

Sales have edged up by 1 percent to 3.62 billion euros ($4.25 billion) compared to the same quarter last year.

Earlier this year, AkzoNobel rejected a string of unsolicited takeover bids from American rival PPG Industries, the last offer worth $28.8 billion, saying they weren’t in the interests of shareholders.

CEO Thierry Vanlancker said Wednesday that profit for 2017 is expected to be level with 2016 “due to adverse foreign exchange, ongoing industry specific headwinds and supply chain disruptions, including the adverse impact of Hurricane Harvey in the U.S.”


Your email address will not be published. Required fields are marked *


By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. To report comments that you believe do not follow our guidelines, send us an email.