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Letter to the Editor
Friday May 16
Akzo Nobel Targets Divestments at Chemicals Unit
Dutch chemicals group Akzo Nobel plans to focus its divestment program on its chemicals business and use the proceeds to cut debt and acquire coatings activities, Chief Executive Hans Wijers said at a briefing."We have agreed on a divestment program which should contribute 500 million euros to cut debt and make small, bolt-on acquisitions in coatings," he commented.
The bulk of the divestments were likely to be in the chemicals unit, which has a number of underperforming activities, Wijers said. It also planned to cut at least 700 jobs at its 21,700-strong pharma unit by the end of the year. Akzo Nobel, the world's eighth-biggest chemicals group by sales, announced a restructuring and cost-savings plan ahead of its traditional spring meeting with analysts and a meeting with reporters.
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