AMSTERDAM, Netherlands, Jan. 8, 2014 (GLOBE NEWSWIRE) -- Trading into the fourth quarter of 2013 has continued to be in line with previous trends, and the economic environment continued to be challenging. As previously indicated, AkzoNobel's full year 2013 operating income before incidental items is unlikely to exceed €908 million.
The Performance Improvement Program is on track to achieve its 2013 targets. Restructuring charges are expected to exceed €300 million, largely in line with prior indications for 2013. For 2014, we see continued opportunities to invest in additional efficiency gains and now anticipate charging at least €250 million in the year.
During the fourth quarter, the sale of the Building Adhesives business was successfully completed, which will result in an incidental profit of around €200 million. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Specialty Chemicals, among others.
Further details will be included in the 2013 results, which remain subject to final closing and audit review.
We remain confident in the delivery of our 2015 targets. The Q4 2013 results will be announced on 6th February 2014, and a Capital Markets Day will be held in London on March 11, 2014.
AkzoNobel is a leading global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 50,000 people around the world are committed to delivering leading products and technologies to meet the growing demands of our fast-changing world.
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This press release contains statements which address key issues such as AkzoNobel's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest annual report, a copy of which can be found on our website www.akzonobel.com
Financial update http://hugin.info/130660/R/1753210/591318.pdf
Source:Akzo Nobel NV