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Business
Akzo Nobel Raises ICI Synergy Target
April 28, 2008
| A version of this story appeared in
Volume 86, Issue 17
Akzo Nobel has upgraded its target for annual cost savings from the acquisition of ICI to some $530 million, a 20% increase from its earlier figure. CEO Hans Wijers expects nearly $280 million of the savings to come from the decorative paints businesses, $135 million from corporate operations, and $115 million from procurement costs. Wijers told shareholders at Akzo's annual meeting that the company will retain ICI's strong brand names, including Dulux and Glidden coatings, but that the ICI name itself will be consigned to history.
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