AkzoNobel: transformation paused, 2020 targets suspended
(CercleFinance.com) - AkzoNobel is pausing key parts of its transformation plan and suspending its 2020 financial targets in response to the market disruption resulting from the COVID-19 pandemic, the paint maker said on Tuesday.
Headwinds relating to COVID-19 - including lower end market demand, as well as various measures impacting business operations - will have a "significant impact" in the second quarter, the Dutch group warned.
In its statement, AkzoNobel said it has a "strong" balance sheet and solid cash position, with net cash and cash equivalent of 1.2 billion euros at end-2019.
The company also has a 1.3 billion euro unused revolving credit facility, maturing in 2025.
It will announce its first-quarter results on 22 April.
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