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Markets :: Specialty Chemicals :: Paints and Coatings

AkzoNobel swings to a net loss on decorative paints impairment charge

9:39 AM MDT | October 19, 2012 | Sotirios Frantzanas

AkzoNobel reported a net loss of  €2.38 billion ($3.12 billion) in the third quarter of 2012, compared with net profit of €149 million in the third quarter of 2011. The net loss is the result of a noncash impairment charge of €2.48 billion, against the assets of AkzoNobel's decorative paints business, primarily in Europe, the company says. The impairment charge follows a balance sheet review by the company, which took into account lower expected market growth rates, AkzoNobel says. Sales in the third quarter of 2012 increased 6% compared with...

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