AkzoNobel issues profits warning

AkzoNobel has warned investors it does not expect to increase pretax profits this year by more than $120 million, as previously promised, because of difficulties in its coatings business. The firm made the announcement before the official appointment of Thierry Vanlancker as CEO at a general meeting. Vanlancker has unveiled plans to restructure the coatings business, which he says is experiencing raw material cost inflation, temporary manufacturing disruption, and tough market conditions in some segments. Separately, Akzo­Nobel’s chief financial officer, Maëlys Castella, has stepped down temporarily for health reasons.