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AkzoNobel Unveils $100-Million Cost Reduction Program, to Cut 3,500 Jobs

8:34 AM MDT | September 29, 2008 |

Alex Scott

Hans Wijers, CEO of AkzoNobel told analysts at a meeting in London earlier today that the company is set to aggressively increase profits and improve operational effectiveness under a new cost reduction program. The company says it is setting in place a program designed to cut costs by an annualized $100 million. As part of the cost cutting program the company will let go 3,500 staff, equivalent to 5.8% of its workforce.    "In these challenging markets, only lean companies succeed. We have therefore started a rigorous drive to further reduce...

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