Akzo’s cost savings on track

AMSTERDAM: Akzo Nobel NV is intensifying a push to lower costs as the Dutch paint and coatings maker grapples with rising prices for raw materials and tries to improve profitability.

The Amsterdam-based company said yesterday in a statement that its key profit margin indicator, called return on sales, for paints and coatings widened in the third quarter to 12.3% from 10%, still short of the goal to reach 15% by 2020. The target – called ambitious by analysts – was set by the predecessor of chief executive officer Thierry Vanlancker. — Bloomberg