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AkzoNobel Sets New Targets; Nears Food Starches Sale

12:24 PM MDT | October 3, 2008 | Natasha Alperowicz

AkzoNobel has announced a range of operational targets designed to make the company more profitable and efficient following the recent divestment of its pharmaceutical business and acquisition of ICI. The targets include: an Ebitda margin of at least 14% by the end of 2011, compared with nearly 13% at present; additional annualized net cost savings of €100 million ($144 million); and a workforce reduction of at least 3,500, almost 6% of its total. Wijers: ‘Defining a road map.’ Separately, AkzoNobel says it is deferring a share buyback program...

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