Issue Date: October 29, 2012
AkzoNobel Reports Wide Loss On Paints
AkzoNobel reported a net loss of $3.1 billion in the third quarter because of a $3.2 billion charge related primarily to lower-than-expected growth in its European decorative paints business. Akzo management expects the economic slowdown in Europe to have an adverse effect for the remainder of the year, and the firm is initiating cost reduction initiatives in some businesses. “The impact of the slowdown is primarily being felt in the more consumer-facing businesses,” says Chief Financial Officer Keith Nichols.
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