Dutch paints and chemicals company Akzo Nobel (AKZA) has confirmed that it will deliver €500m (£424m) of cost savings by the end of 2013, a year early. Third-quarter results were better than expected, too, and the ICI-owner has promised even more cost-cutting next year as its restructuring drive steps up a gear.
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Big savings drove margins up 170 basis points and underlying operating profit by 22 per cent to €303m. Higher volumes and lower restructuring costs offset a currency hit and further weakness in Europe, too. Akzo's decorative paints division more than doubled profit to €107m.
