AMSTERDAM - Akzo Nobel N.V. has published results for the first quarter of 2018, reporting progress on the transformation of the company into a focused paint and coatings company.
AkzoNobel (Paints and Coatings) successfully completed the dual-track process for the separation of Specialty Chemicals, with the anticipated sale of the specialty chemicals part of the business to The Carlyle Group and GIC for €10.1 billion. Revenue was down 8%, mainly due to adverse foreign currencies (1% lower excluding currency impact) at €2,176 million, and volumes were 3% lower, mainly due to continued adverse market conditions in the marine, and oil and gas industries.