AkzoNobel: set of actions after second-quarter profit fell.
(CercleFinance.com) - AkzoNobel rolled out a new executive structure on Tuesday, after reporting an operating profit that was down 6 per cent in the second quarter.
The Dutch coatings and paints maker said group earnings before interest and tax (EBIT) decreased to 461 million euros last quarter, compared to 491 million euros a year ago.
The group said its performance was impacted by continued weak demand in marine and protective coatings, higher raw material costs and planned maintenance turnarounds in industrial chemicals.
However, its quarterly revenue rose 2 per cent to almost 3.8 billion euros.
In a separate press release, AkzoNobel said Ruud Joosten has been named chief operating officer (COO) Paints & Coatings, and made responsible for accelerating growth.
The company also said that the chairman of its supervisory board, Antony Burgmans, intended to retire following the completion of his third term in office in April 2018. A process is already underway to identify his successor.
AkzoNobel also unveiled a range of measures designed to improve shareholder relations after the group rejected the unsolicited and non-binding proposals made by PPG last spring.
For that purpose, AkzoNobel has scheduled an extraordinary general meeting of shareholders to be held in Amsterdam on Friday 8 September.
Looking ahead, the group said it continued to expect EBIT for 2017 to be around 100 million euros higher than in 2016.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Dutch coatings and paints maker said group earnings before interest and tax (EBIT) decreased to 461 million euros last quarter, compared to 491 million euros a year ago.
The group said its performance was impacted by continued weak demand in marine and protective coatings, higher raw material costs and planned maintenance turnarounds in industrial chemicals.
However, its quarterly revenue rose 2 per cent to almost 3.8 billion euros.
In a separate press release, AkzoNobel said Ruud Joosten has been named chief operating officer (COO) Paints & Coatings, and made responsible for accelerating growth.
The company also said that the chairman of its supervisory board, Antony Burgmans, intended to retire following the completion of his third term in office in April 2018. A process is already underway to identify his successor.
AkzoNobel also unveiled a range of measures designed to improve shareholder relations after the group rejected the unsolicited and non-binding proposals made by PPG last spring.
For that purpose, AkzoNobel has scheduled an extraordinary general meeting of shareholders to be held in Amsterdam on Friday 8 September.
Looking ahead, the group said it continued to expect EBIT for 2017 to be around 100 million euros higher than in 2016.
Copyright (c) 2017 CercleFinance.com. All rights reserved.