Akzo Raises ICI Synergy Target; Discontinues ICI Name

Akzo Nobel has increased its estimated annual synergies target resulting from its acquisition of ICI by 20%, to €340 million. Akzo closed the ICI deal on January 2. “This breaks down as €180 million from decorative paints, €85 million from corporate savings and €75 million from procurement costs," says CEO Hans Wijers. Akzo says it expects to realize 15% of the synergies in 2008; 55% in 2009; and 85% in 2010. Akzo says it has identified a reduction in working capital of €100 million, consolidation of manufacturing sites of €100 million and...

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