AkzoNobel's Third-Quarter Income Rises on Cost Savings and Improved Margins

Cost reduction programs and improved margins helped AkzoNobel lift third-quarter net income by 30%, to €197 million ($293 million). Sales, however, fell 10%, to €3.6 billion because of weak demand. Ebitda from continuing operations rose 4%, to €549 million because of margin management and cost reduction programs. AkzoNobel is targeting €540 million in savings by the end of 2011, but it already reached €530 million by the end of the third quarter. Restructuring activities include supply chain and integration projects in the European...

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