in mature markets, particularly in Europe.
In performance coatings, revenue increased 12 percent, supported by margin
management, acquisitions and currency effects. EBITDA was up 25 percent compared
with the previous year, further supported by
improvements in operational efficiency. Volume declined, although there was significant
variability between individual activities.
AkzoNobel continued to see inflation
in the overall raw materials portfolio, although less than last year. The main driver
of input cost inflation is TiO2. In the second quarter, the company saw an increase
in supply from China and a reduction in
global demand. However, in total, the
company continues to expect an increased
average cost for the year.
“The overall performance in our second quarter results is solid given the increasingly difficult economic
environment,” said CEO Ton Büchner. “In
my first few months as CEO, I have spent
a great deal of time with our customers,
employees and shareholders, and have also
visited many of our factories around the
world. My initial observations are that we
have solid businesses and many strong
market positions. The opportunity remains
to increase return on capital, cash generation and margins, which is why the immediate priority for me and the leadership
team is performance improvement.”
PPG reports record 11 percent
growth in earnings in Q2
PPG Industries reported net sales for the
second quarter 2012 of $4 billion. Net in-
come for the quarter was $362 million.
Second quarter 2011 net sales were $4 bil-
lion, and net income was $340 million.
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