MOSCOW (MRC) -- Dutch painting and chemicals company Akzo Nobel NV said Wednesday that trading into the fourth quarter of 2013 was in line with previous trends, and the economic environment continued to be challenging, said Marketwatch.
As previously indicated, AkzoNobel's full year 2013 operating income before incidental items is unlikely to exceed EUR908 million.
The Performance Improvement Program is on track to achieve its 2013 targets. Restructuring charges are expected to exceed EUR300 million, largely in line with prior indications for 2013. For 2014, we see continued opportunities to invest in additional efficiency gains and now anticipate charging at least EUR250 million in the year.
During the fourth quarter, the sale of the Building Adhesives business was successfully completed, which will result in an incidental profit of around EUR200 million. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Specialty Chemicals, among others.
Further details will be included in the 2013 results, which remain subject to final closing and audit review. The Q4 2013 results will be announced on 6th February 2014, and a Capital Markets Day will be held in London on March 11, 2014.
Trading into the fourth quarter of 2013 has continued to be in line with previous trends, and the economic environment continued to be challenging. As previously indicated, AkzoNobel’s full year 2013 operating income before incidental items is unlikely to exceed EUR908 million.
During the fourth quarter, the sale of the Building Adhesives business was successfully completed, which will result in an incidental profit of around EUR200 million. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Specialty Chemicals, among others.
As MRC wrote before, AkzoNobel completed the sale of its Primary Amides chemicals business to PMC Group effective December 31, 2013. Under the terms of the agreement, a manufacturing facility in Kyungju, South Korea, and all 37 employees will transfer to PMC Group with immediate effect, along with the erucamide, oleamide and other primary and secondary amides sold under the Armoslip trade names.
Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.
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