AMSTERDAM, The Netherlands - At the announcement of its second-quarter results in July, AkzoNobel announced that it had identified further efficiency and cost saving measures that would require €120 million of restructuring charges in the second half of 2013.
In addition to previously announced Performance Improvement Program costs, this made a total of €256 million of restructuring charges that were expected to be incurred in the second half of 2013. The company now anticipates the majority of these costs will be booked in the fourth quarter, with over 20 percent to be booked in the third quarter. AkzoNobel has indicated that the full-year 2013 operating income is unlikely to exceed the €908 million of 2012.
Keith Nichols, CFO of AkzoNobel, commented, "The economic environment continues to be challenging but the restructuring program remains on track, and the additional initiatives are progressing well. This announcement only refers to the timing of the realization of the costs in the accounts."