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AkzoNobel’s Earnings Fall on Soft U.S. Decorative Coatings Market

5:02 AM MDT | May 7, 2008 | Kerri Walsh

AkzoNobel reported first-quarter net income from continuing operations down 4%, to €136 million ($210 million), excluding €151 million in charges mostly related to its ICI acquisition, which closed January 2. Sales rose 1%, to €3.5 billion. A “soft” U.S. decorative coatings market and unfavorable currency rates drove down profits and slowed sales growth. Autonomous revenue growth rose 6%, but was offset by exchange rates, Akzo says. Decorative paint sales fell 4% because “the trading environment continued to be soft,” in the U.S., Akzo says. PPG and...

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