Akzo Nobel reports profits growth
1 May 2014Coatings giant Akzo Nobel NV, which owns the Sikkens, Cuprinol and Dulux Trade brands, has reported a 45% increase in first quarter net profits to €129m (2013: €89m).
The Amsterdam-based company said the solid performance was despite continued adverse currency effects and ongoing weakness in Europe, higher restructuring charges and ongoing weakness in Europe.
The performance coatings business, which includes the wood coatings brands of Sikkens, Zweihorn, ICLA and Chemcraft, recorded a slight reduction in sales to €1.31bn, while operating profits reduced to €126m (2013: €129m). The wood coatings business actually saw growth but the division's result was affected by a decline in coil coatings and packaging.
Akzo also owns the Casco brand of adhesives, used by furniture, flooring and laminated beam manufacturers to bond wood particles together. Casco also manufactures wood resins for wood panel manufacture.
