AkzoNobel eyes small-to medium-sized takeovers
AkzoNobel, the Dutch paints and chemicals company, is open for smaller and medium size takeovers, the Dutch daily Het Financieele Dagblad reported, citing AkzoNobel CFO Maëlys Castella.
The CFO said takeovers are considered if it brings AkzoNobel to new regions, if it brings the company new techniques, if it’s a good expansion of the portfolio or if it will boost the company’s growth in certain segments.
On Tuesday AkzoNobel announced that the company’s trading results over the first quarter of 2016 grew 17% y-o-y. However, turnover fell with 4%, mainly as a result of currency effects in Brazil, Argentina, Indonesia and Turkey, but also due to recent divestments.
AkzoNobel recently announced the takeover of the German company Basf for EUR 457m.
CFO Maëlys Castella also said that Special Chemicals is doing well and that the company plans to boost its profits. Rumours about a possible sale of Special Chemicals have been going around, and were neither denied nor confirmed by the CFO.
Last year AkzoNobel made a turnover of EUR 3.4b with profits of EUR 357m. The company’s pure profit rose 50% y-o-y to EUR 240m, the report said.
Het Financieele Dagblad