MOSCOW (MRC) -- AkzoNobel has provided an update on its business performance and says that market headwinds have continued to ease during recent months, said Chemweek.
Based on current trading, the company expects total revenue for the third quarter to be close to the level in the same period of the previous year in constant currencies. Details about profit expectations have not been provided.
The company says that since the situation with COVID-19 is still evolving, trends differ per region and segment. However, end-market demand for decorative paints is strong in Europe and South America, and continues to improve for performance coatings, it says.
AkzoNobel suspended its 2020 financial ambition earlier this year, in response to the significant market disruption resulting from the pandemic. In its second-quarter results, the company noted that despite improvement in sales in June, the economic environment would remain uncertain in the second half due to the pandemic.
Financial results for the third quarter will be announced on 21 October, the company says.
As it was written before, AkzoNobel finalized the acquisition of BASF’s global Industrial Coatings business, which supplies a range of products for industries including construction, domestic appliances, wind energy and commercial transport, strengthening its position as the global number one supplier in coil coatings.
As MRC informed earlier, BASF would expand the capacity of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium. The total investment adds about 400 000 tpy to BASF’s production capacity for the corresponding products with an expected investment amount exceeding EUR500 million.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
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. Established in 1992 and specializing in sustainable water-based and advanced eco-friendly products, Mapaero operates a production facility in France and has around 140 employees.
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