AkzoNobel: full-year profit up, spin-off on track
(CercleFinance.com) - Dutch paintmaker AkzoNobel said on Thursday that its full-year 2017 profit rose, boosted by growth in Asia, and announced that it was still on track to create two separate businesses.
The internal separation of the specialty chemicals business is now complete, the company said, and a full separation - either via a private sale or a legal demerger - should be complete in April.
The group's total full-year 2017 revenue, including specialty chemicals, is expected to rise by 3% to around 14.6 billion euros, it added, noting that EBIT, including discontinued operations, is expected to increase 2% to around 1,5 billion euros in 2017.
Akzo also reconfirmed its 2020 financial guidance, targeting a 15% return on sales for the paints and coatings division and a total return on investment that exceeds 25%.
The shares, which are listed on Euronext Amsterdam, were up 3.3% after these figures.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The internal separation of the specialty chemicals business is now complete, the company said, and a full separation - either via a private sale or a legal demerger - should be complete in April.
The group's total full-year 2017 revenue, including specialty chemicals, is expected to rise by 3% to around 14.6 billion euros, it added, noting that EBIT, including discontinued operations, is expected to increase 2% to around 1,5 billion euros in 2017.
Akzo also reconfirmed its 2020 financial guidance, targeting a 15% return on sales for the paints and coatings division and a total return on investment that exceeds 25%.
The shares, which are listed on Euronext Amsterdam, were up 3.3% after these figures.
Copyright (c) 2018 CercleFinance.com. All rights reserved.