The chief executive of paints specialist Akzo Nobel, Ton Büchner, has made a notable return to work after being laid off for three months with fatigue. Back in the office for just a week, he has announced the sale of the underperforming North American decorative paints division to US rival PPG for more than $1bn (£648m), bagging the Dutch paint and coatings company $875m in cash.
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After four years spent knocking the business into shape, Akzo still lacks market share in the US, so focusing on Europe and faster growth emerging markets makes sense. Mr Büchner also got a good price, and substantially more than most thought the business was worth when we tipped Azko in March. It doesn't affect the cost-savings target of €500m, either.
