During this year, the economic slowdown, particularly in Europe, is having an adverse impact on our volumes. Additional restructuring activities are being initiated to further reduce costs in the businesses that are most affected. Furthermore, our performance improvement program and the turnaround of our US paints business are on track.
AkzoNobel has a strong portfolio of complementary businesses with many leading market positions and exposure to growth markets. Whilst we are therefore confident with regard to the long-term growth of our business, we remain cautious with respect to the shorter term development of our markets.
Amsterdam, October 18, 2012
Board of Management