MOSCOW (MRC) -- Dutch paints and coatings maker Akzo Nobel reported weaker-than-expected revenues , said CNBC.
The company reported a net revenue of 2.33 billion euros (USD2.69 billion), missing Reuters expectations of 2.48 billion euros.
Meanwhile, Akzo Nobel's third-quarter core profit rose 8 percent to 243 million euros, underpinned by higher prices and costs savings.
"I'm encouraged by what we achieved, despite challenging market conditions, including higher raw material costs and adverse foreign currencies," Thierry Vanlancker, CEO of Akzo Nobel, said in a statement.
"Completing the sale of our Specialty Chemicals business was a key milestone in the long and proud history of AkzoNobel as we take the next step in our transformation," he added.
Earlier this year, Akzo Nobel sold its Specialty Chemicals division for 10 billion euros to Carlyle Group after it rejected an unwanted takeover offer from U.S. rival PPG Industries in 2017.
In September 2018, Akzo Nobel acquired Xylazel S.A., a 100% subsidiary of Pharma Mar S.A. With this acquisition AkzoNobel strengthens its business and becomes a leader in the decorative paints market in Spain. It also means the company is now the leader in the country's woodcare segment and has strengthened its position in metal care. The transaction marks the 45-year anniversary of AkzoNobel on the Spanish market.
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.
MRC