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Akzo Nobel profit down 37 percent in Q3

By AP  | October 20, 2011
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AMSTERDAM (AP) — Akzo Nobel NV, the world's largest maker of paints and coatings, says profits fell sharply in the third quarter as higher raw materials costs ate away margins. The company plans a restructuring but did not say how many jobs it will cut.

Net profit at Wal-Mart's main paint supplier fell 37 percent to euro149 million ($205 million), while sales rose 4.8 percent to euro4.05 billion, the company said Thursday in a statement. Chief Executive Hans Wijers noted the revenue growth but called the commodity cost increases that hit margins "unprecedented" and said he does not expect macroeconomic conditions to improve in the short term.

Akzo claimed it will save euro500 million a year by 2014 via the restructuring, which will cost euro425 million over three years to put into effect.

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