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Akzo Nobel says coatings sales figures on the up
01 Jun 2002
"On balance all three groups achieved a better performance in their ongoing businesses.
Operating income was up 4% and financing charges were significantly lower, " explained Fritz Frohlich, CFO of the Arnhem, Netherlands, based pharmaceuticals, coatings, and chemicals company.
"Again our Pharma business continued its growth, while at Coatings and Chemicals the downtrend is bottoming out.
We are clearly benefiting from our balanced portfolio."
The company's cost saving programs in coatings are on schedule, said Frohlich, and we will start to reap the benefits of these programs later this year.
Marine and protective coatings and car refinishes sustained their positive trend of last year, he said, highlighting the acquisition of the worldwide marine and aerospace coatings businesses of US Paint, including the Awlgrip brand.
Akzo Nobel kept its outlook for the full year unchanged.
Frohlich: "We reconfirm our earlier expressed expectation that our ongoing internal programs to boost performance will lead to a net income for 2002."
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