ARNHEM, Netherlands, August 22, 2003 (PRIMEZONE) -- Akzo Nobel Polymer Chemicals (Other OTC:AKZOF) (Nasdaq:AKZOY) has announced further restructuring plans to improve its performance. In March 2003 a number of cost savings measures were taken which, however, have failed to improve performance sufficiently.
Further restructuring is essential for the future of the business. The restructuring measures, which are additional to the already discontinued production in Gillingham, United Kingdom, and Burt, New York, United States, will result in a reduction of some 150 jobs. The reductions will be in R&D, control & accounting, information management, sales, administration and manufacturing. All regions around the world will be affected. The implementation of this restructuring program will take place during the remainder of this year and continue in 2004.
"We are confident that with these measures we will improve our performance," said Bob Margevich, General Manager of Akzo Nobel Polymer Chemicals. "In the past few years our business unit has made significant investments and acquisitions. These, in combination with this restructuring program, will strengthen our strategic position in the markets we operate in and provide the foundation for future growth," he added.
Note for the editor
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2002 totaled EUR 14 billion. The Company currently employs approximately 66,000 people in more than 80 countries. Financial results for the third quarter will be published on October 17, 2003.
Internet: www.akzonobel.com
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