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Akzo Nobel issues profit warning, CFO to step aside

Reuters  |  AMSTERDAM 

By Toby Sterling and Bart H. MeijerAMSTERDAM (Reuters) - Akzo Nobel issued a profit warning on Friday and announced a revamp that will include the chief financial officer stepping aside and a shake-up to its paints and industrial coatings businesses.The Dutch company, citing cost inflation and currency headwinds, said it would not achieve the 100 million euro ($121 million) improvement in 2017 operating profit it promised when rejecting a recent takeover. In May the company rejected a 26.3 billion euro takeover by U.S. rival PPG Industries, an offer worth 95 euros per share. Akzo shares were ...

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First Published: Fri, September 08 2017. 19:16 IST