AkzoNobel (Amsterdam, The Netherlands) reported that the second quarter of 2009 saw a 10% revenue decline to €3,668 million with a 9% drop in EBITDA. According to CEO Hans Wijers, “With the exception of some emerging markets, we see little significant recovery of growth.”
In performance coatings, revenue decreased by 14% but performance in marine and protective coatings and packaging coatings was strong. Marine coatings had a good quarter despite lower new construction and maintenance demand, while demand improved for car refinishes. Performance coatings benefited from margin management and cost improvement programs, the company says. In the industrial activities businesses, the company has closed or restructured eight production sites.
Specialty chemicals showed a volume decline of 18% that was partly compensated by favorable prices, currencies, and acquisitions. Overall, revenue declined by 8% and the EBITDA was unchanged at 16.6%. According to the company, the surface chemistry and polymer chemicals markets remain under pressure, but pulp and paper and functional chemicals had stronger performance.
Revenue in decorative paints declined by 5%. The company has implemented synergy programs and restructuring ahead of plan, reducing the net workforce by 2,100 people, or 8%.
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