Akzo Nobel N.V. (AkzoNobel), the largest global paints and coatings company and major producer of specialty chemicals, today reported a revenue increase of 13 percent for the third quarter of 2010 and an EBITDA margin of 14.8 percent.
- Revenue €3.9 billion (2009: €3.4 billion), up 13 percent (5 percent in constant currencies)
- EBITDA €574 million (2009: €528 million), up 9 percent (2 percent in constant currencies)
- Total net income up 21 percent to €238 million (2009: 197 million)
- Sale of National Starch completed on October 1
- Two bolt-on acquisitions in Performance Coatings
- Interim dividend of €0.32 declared, up 7 percent from 2009
- New medium-term ambitions announced
- Outlook confirmed: AkzoNobel remains cautiously optimistic
Strong revenue gains continued to be achieved in high growth markets across all business areas, while revenue development in the mature markets remained weak. Performance Coatings and Specialty Chemicals reported the strongest revenue increases of 18 and 15 percent respectively, with Decorative Paints revenue up 8 percent.
EBITDA for the third quarter rose 9 percent to €574 million, with total net income rising 21 percent on 2009 to €238 million.
On October 1, the company completed the sale of its National Starch business for US$1.3 billion. Two acquisitions were announced during the quarter – the Lindgens Metal Decorating Coatings and Inks business, and China’s Changzhou Prime Automotive Paint Co., Ltd business, both within the Performance Coatings business area.
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Contacts: Huib Wurfbain and Ivar Smits
AkzoNobel is the largest global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are a Global Fortune 500 company and are consistently ranked as one of the leaders on the Dow Jones Sustainability Indexes. With operations in more than 80 countries, our 55,000 people around the world are committed to excellence and delivering Tomorrow’s Answers Today™.