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Chemical Week Magazine :: Business & Finance :: Europe/Mideast

AkzoNobel swings to a net loss on decorative paints charge

8:23 AM MDT | October 26, 2012 | Sotirios Frantzanas with Ian Young

Nichols: Not expecting a quick economic recovery. Keijzer: Taking charge of performance coatings. AkzoNobel reported a net loss of €2.38 billion ($3.1 billion) in the third quarter of 2012, compared with a 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, which took into account lower expected market growth rates...

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