Akzo Raises ICI Savings Target; Discontinues ICI Name

Wijers: Paint brand names will remain. Akzo Nobel has increased its estimate for annualized cost savings from its acquisition of ICI by 20%, to €340 million ($532 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 Akzo CEO Hans Wijers. Akzo expects to realize 15% of the synergies in 2008, 55% in 2009, and 85% in 2010. It says it has identified a reduction in working capital of €100 million...

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