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HELSINKI, Oct. 30, 2013 (Press Release) - The EMEA (Europe, the Middle East and Africa) area organization of Metso's Pulp, Paper and Power business, the future Valmet, has completed statutory negotiations concerning its operations in Finland. The negotiations began on August 5, 2013.

The negotiations were part of a global cost competitiveness program launched by Metso in April 2013. The program aims at a reduction of approximately EUR 100 million in the annual costs of the Pulp, Paper and Power business by 2015.

As a result of the negotiations, the EMEA area organization will reduce a total of approximately 90 jobs in Jyväskylä, Järvenpää, Valkeakoski, Pori and Raisio in Finland. The reductions will include redundancies, retirement options and transfers of jobs to EMEA locations outside of the Nordic countries as well as internal transfers between organizations within the Pulp, Paper and Power business.

The arrangements serve to adjust structures and resources in response to the changing requirements of the business environment, enhancing competitiveness in the EMEA market.

The employees affected by the arrangements will receive support through the "Polku" employment support program that includes measures to support entrepreneurship, studying and re-employment, such as job-to-job training, independent study, labor market training, change management training, relocation support and job searches.

Metso's pulp, paper and power professionals specialize in processes, machinery, equipment, services, paper machine clothing and filter fabrics. Our offering and experience cover the entire process life cycle, including new production lines, rebuilds and services.

As of January 2014, Metso's Pulp, Paper and Power business will serve its customers with an even more focused and competitive approach as an independent, listed company, Valmet Corporation.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

Metso's Valmet completes negotiations in its EMEA organization; to cut 90 jobs; aims at Euro 100 million in lower annual costs in Pulp, Paper and Power unit by 2015

11/04/2013 - 13:08

HELSINKI, Oct. 30, 2013 (Press Release) - The EMEA (Europe, the Middle East and Africa) area organization of Metso's Pulp, Paper and Power business, the future Valmet, has completed statutory negotiations concerning its operations in Finland. The negotiations began on August 5, 2013.

The negotiations were part of a global cost competitiveness program launched by Metso in April 2013. The program aims at a reduction of approximately EUR 100 million in the annual costs of the Pulp, Paper and Power business by 2015.

As a result of the negotiations, the EMEA area organization will reduce a total of approximately 90 jobs in Jyväskylä, Järvenpää, Valkeakoski, Pori and Raisio in Finland. The reductions will include redundancies, retirement options and transfers of jobs to EMEA locations outside of the Nordic countries as well as internal transfers between organizations within the Pulp, Paper and Power business.

The arrangements serve to adjust structures and resources in response to the changing requirements of the business environment, enhancing competitiveness in the EMEA market.

The employees affected by the arrangements will receive support through the "Polku" employment support program that includes measures to support entrepreneurship, studying and re-employment, such as job-to-job training, independent study, labor market training, change management training, relocation support and job searches.

Metso's pulp, paper and power professionals specialize in processes, machinery, equipment, services, paper machine clothing and filter fabrics. Our offering and experience cover the entire process life cycle, including new production lines, rebuilds and services.

As of January 2014, Metso's Pulp, Paper and Power business will serve its customers with an even more focused and competitive approach as an independent, listed company, Valmet Corporation.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

GRAZ, Austria, Oct 30, 2013 (Press Release) -

ANDRITZ AG announces ad hoc that financial provisions totaling around 50 million euros have been made in connection with continuation of the growth and strategy project "Growing Together" initiated by the Schuler Group, Germany, in 2011 for integration of the Muller-Weingarten company; 35 million euros of this amount will be booked this year and the remaining 15 million euros in the course of next year. The focus of the operational measures planned by Schuler is directed towards concentration on core competencies in manufacturing, expanding service business, and strengthening the company's presence in growth markets, particularly in emerging markets.

These necessary measures, which will yield annual cost savings between 15 and 20 million euros after their implementation, are a continuation of the steps already taken to prepare Schuler's organization and cost structure for the market requirements in terms of earnings and growth. As far as organizational measures are concerned, Schuler recently downsized its management board from five to four members and will also substantially reduce the number of second-level managers in Germany. In addition, various ways of streamlining the Group structure, which has become very complex over the past few years as a result of company acquisitions, are currently being investigated, especially in Germany.

Andritz continues with Euro 50 million Schuler growth strategy

11/04/2013 - 05:04

GRAZ, Austria, Oct 30, 2013 (Press Release) -

ANDRITZ AG announces ad hoc that financial provisions totaling around 50 million euros have been made in connection with continuation of the growth and strategy project "Growing Together" initiated by the Schuler Group, Germany, in 2011 for integration of the Muller-Weingarten company; 35 million euros of this amount will be booked this year and the remaining 15 million euros in the course of next year. The focus of the operational measures planned by Schuler is directed towards concentration on core competencies in manufacturing, expanding service business, and strengthening the company's presence in growth markets, particularly in emerging markets.

These necessary measures, which will yield annual cost savings between 15 and 20 million euros after their implementation, are a continuation of the steps already taken to prepare Schuler's organization and cost structure for the market requirements in terms of earnings and growth. As far as organizational measures are concerned, Schuler recently downsized its management board from five to four members and will also substantially reduce the number of second-level managers in Germany. In addition, various ways of streamlining the Group structure, which has become very complex over the past few years as a result of company acquisitions, are currently being investigated, especially in Germany.

HELSINKI, Oct. 24, 2013 (Press Release) - Metso's Board of Directors has appointed Harri Nikunen (b. 1955) as Metso's Executive Vice President and Deputy to the CEO as of November 1, 2013. In addition to his new duties, Mr. Nikunen will continue as Metso's Chief Financial Officer (CFO), a position he has held since March 2011; he has been employed by the company since 1986.

Metso's former Executive Vice President and Deputy to CEO, Pasi Laine, has been appointed President and CEO of Valmet Corporation, the new company to be created in Metso's partial demerger.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

Metso appoints CFO Harri Nikunen as exec VP and deputy to CEO; former exec VP and deputy Pasi Laine appointed as president and CEO of Valmet Corporation

10/28/2013 - 16:17

HELSINKI, Oct. 24, 2013 (Press Release) - Metso's Board of Directors has appointed Harri Nikunen (b. 1955) as Metso's Executive Vice President and Deputy to the CEO as of November 1, 2013. In addition to his new duties, Mr. Nikunen will continue as Metso's Chief Financial Officer (CFO), a position he has held since March 2011; he has been employed by the company since 1986.

Metso's former Executive Vice President and Deputy to CEO, Pasi Laine, has been appointed President and CEO of Valmet Corporation, the new company to be created in Metso's partial demerger.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

WINTERTHUR, Switzerland, Oct. 21, 2013 (Press Release) - Sulzer Pumps has acquired Tartek Oy, a specialist in development, manufacture, repair and maintenance of high quality mechanical seals. With this acquisition, Sulzer Pumps further expands its technology portfolio and is well positioned to provide extended seal offerings to customers in the pulp and paper, power, water, general and chemical process industries.

Tartek Oy is a family owned company established in 1978, located in Rauma, Finland. The Tartek brand seals are a result of thorough product development and are tested in working conditions to ensure reliable solutions.

With the additional seal expertise, Sulzer Pumps will have enhanced technical capabilities to provide in-house designed and manufactured seals for its configured process and wastewater pumps. Under the Sulzer ownership, Tartek will continue to serve its current customers. The new seals offering will be added to Sulzer Pumps' product portfolio and will benefit from the global footprint. Sulzer Pumps' worldwide sales and service network for configured pumps will introduce the new seals offering globally, both in new business and the aftermarket.

About Sulzer Pumps

Sulzer Pumps designs, develops and supplies pumping solutions and related equipment worldwide. Intensive research and development in fluid dynamics, process-oriented products, and special materials as well as reliable service solutions help the company maintain its leading position in its focus market segments. Our customers come from the oil and gas, hydrocarbon processing, power generation, pulp and paper, water and wastewater sectors, as well as from specialized areas in the general industry. The company has a network of 22 manufacturing facilities worldwide and sales offices and service centers in 170 locations globally. A global leader in its selected markets, Sulzer Pumps had sales of CHF 2'097.5 million in 2012 and employs around 8'500 people worldwide.

Sulzer Pumps acquires Finnish seal manufacturer Tartek

10/28/2013 - 14:23

WINTERTHUR, Switzerland, Oct. 21, 2013 (Press Release) - Sulzer Pumps has acquired Tartek Oy, a specialist in development, manufacture, repair and maintenance of high quality mechanical seals. With this acquisition, Sulzer Pumps further expands its technology portfolio and is well positioned to provide extended seal offerings to customers in the pulp and paper, power, water, general and chemical process industries.

Tartek Oy is a family owned company established in 1978, located in Rauma, Finland. The Tartek brand seals are a result of thorough product development and are tested in working conditions to ensure reliable solutions.

With the additional seal expertise, Sulzer Pumps will have enhanced technical capabilities to provide in-house designed and manufactured seals for its configured process and wastewater pumps. Under the Sulzer ownership, Tartek will continue to serve its current customers. The new seals offering will be added to Sulzer Pumps' product portfolio and will benefit from the global footprint. Sulzer Pumps' worldwide sales and service network for configured pumps will introduce the new seals offering globally, both in new business and the aftermarket.

About Sulzer Pumps

Sulzer Pumps designs, develops and supplies pumping solutions and related equipment worldwide. Intensive research and development in fluid dynamics, process-oriented products, and special materials as well as reliable service solutions help the company maintain its leading position in its focus market segments. Our customers come from the oil and gas, hydrocarbon processing, power generation, pulp and paper, water and wastewater sectors, as well as from specialized areas in the general industry. The company has a network of 22 manufacturing facilities worldwide and sales offices and service centers in 170 locations globally. A global leader in its selected markets, Sulzer Pumps had sales of CHF 2'097.5 million in 2012 and employs around 8'500 people worldwide.

HELSINKI, Oct. 24, 2013 (Press Release) - Metso has started a global efficiency program covering its continuing operations following the demerger. The program is designed to improve Metso's cost structure and operational efficiency and is expected to yield annual savings of around EUR 100 million in operational costs by the end of 2015. The majority of this total is expected to be achieved during 2014.

According to Metso's President and CEO Matti Kähkönen, efficiency improvements are needed to secure Metso's competitiveness going forward.

"This program is part of our continuous efforts to improve Metso's productivity and maintain the competitiveness of our businesses in today's volatile market environment," says Kähkönen. "Procurement, for example, has been a focus area for us for a while, and work in this area will continue after we have achieved the savings currently being targeted. We began to see a slow-down in investment activity in the mining sector back in summer 2012 and have been addressing this issue in a number of ways, and the results of this work have been reflected in the profitability of our Mining business from early 2013. Our Automation business has also been reacting to changes in the pulp and paper industry, and the results of the measures that have been taken can be seen in the business' current performance. In addition, in preparation for the demerger, we are reviewing our overall cost structure to ensure its viability in helping Metso succeed even better in the future."

The actions taken under the program are expected to affect personnel and locations worldwide and target cost savings of around EUR 60-80 million. Measures that have already been announced, together with new ones, include:

Mining and Construction:

Divestment of parts of industrial conveyor belt manufacturing and related sales and services operations in Northern Europe (press release on September 3, 2013). A total of 340 employees to be transferred to the buyers of these operations after closing.
Restructuring of metal recycling operations in Düsseldorf, Germany. Negotiations are under way and could affect about half of the location's personnel of 310.
Employee negotiations to study the future of the foundry operations and machining workshop in Tampere, Finland (press release on October 21, 2013). The final measures (temporary lay-offs, permanent reductions, transfers, divestments, etc.) will be decided in the negotiations, which cover a total of 240 employees.
Restructuring of the EMEA (Europe, Middle East, Africa) organization.
Transfers or closures of small local operations and streamlining of organizations.

Automation:

Streamlining and adapting the Process Automation Systems business and Automation's European organization to the structural changes affecting the pulp and paper industry. These measures could lead to a reduction of 100 jobs globally, of which 40 are in Finland (press release on October 21, 2013).

Support functions and Head Office:

Metso's new strategy calls for a more integrated Group and, as a result, all support functions have been reorganized to match this strategic goal. The target is to both improve the efficiency of the support functions while simplifying processes and cutting costs. Results from these are expected to be visible in 2014. As part of support function integration a number of tasks from the segments will be incorporated into Metso Group. At the same time, however, the Head Office will be resized to match needs of Metso following the demerger.

Global procurement:

A program to improve the efficiency of Metso's global procurement activities is under way, targeting annual savings of around EUR 30-50 million. Between EUR 20-30 million is expected to be achieved in 2013.

Metso will monitor the progress of the efficiency program regularly.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

Metso starts off global efficiency program

10/28/2013 - 06:08

HELSINKI, Oct. 24, 2013 (Press Release) - Metso has started a global efficiency program covering its continuing operations following the demerger. The program is designed to improve Metso's cost structure and operational efficiency and is expected to yield annual savings of around EUR 100 million in operational costs by the end of 2015. The majority of this total is expected to be achieved during 2014.

According to Metso's President and CEO Matti Kähkönen, efficiency improvements are needed to secure Metso's competitiveness going forward.

"This program is part of our continuous efforts to improve Metso's productivity and maintain the competitiveness of our businesses in today's volatile market environment," says Kähkönen. "Procurement, for example, has been a focus area for us for a while, and work in this area will continue after we have achieved the savings currently being targeted. We began to see a slow-down in investment activity in the mining sector back in summer 2012 and have been addressing this issue in a number of ways, and the results of this work have been reflected in the profitability of our Mining business from early 2013. Our Automation business has also been reacting to changes in the pulp and paper industry, and the results of the measures that have been taken can be seen in the business' current performance. In addition, in preparation for the demerger, we are reviewing our overall cost structure to ensure its viability in helping Metso succeed even better in the future."

The actions taken under the program are expected to affect personnel and locations worldwide and target cost savings of around EUR 60-80 million. Measures that have already been announced, together with new ones, include:

Mining and Construction:

Divestment of parts of industrial conveyor belt manufacturing and related sales and services operations in Northern Europe (press release on September 3, 2013). A total of 340 employees to be transferred to the buyers of these operations after closing.
Restructuring of metal recycling operations in Düsseldorf, Germany. Negotiations are under way and could affect about half of the location's personnel of 310.
Employee negotiations to study the future of the foundry operations and machining workshop in Tampere, Finland (press release on October 21, 2013). The final measures (temporary lay-offs, permanent reductions, transfers, divestments, etc.) will be decided in the negotiations, which cover a total of 240 employees.
Restructuring of the EMEA (Europe, Middle East, Africa) organization.
Transfers or closures of small local operations and streamlining of organizations.

Automation:

Streamlining and adapting the Process Automation Systems business and Automation's European organization to the structural changes affecting the pulp and paper industry. These measures could lead to a reduction of 100 jobs globally, of which 40 are in Finland (press release on October 21, 2013).

Support functions and Head Office:

Metso's new strategy calls for a more integrated Group and, as a result, all support functions have been reorganized to match this strategic goal. The target is to both improve the efficiency of the support functions while simplifying processes and cutting costs. Results from these are expected to be visible in 2014. As part of support function integration a number of tasks from the segments will be incorporated into Metso Group. At the same time, however, the Head Office will be resized to match needs of Metso following the demerger.

Global procurement:

A program to improve the efficiency of Metso's global procurement activities is under way, targeting annual savings of around EUR 30-50 million. Between EUR 20-30 million is expected to be achieved in 2013.

Metso will monitor the progress of the efficiency program regularly.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

HOUSTON, Oct. 14, 2013 (Press Release) - WM Recycle America, LLC, has entered India's recovered paper market through a new exclusive representation agreement with Vishal Dhawan, president of Vishal Dhawan Enterprises Inc.

With the largest network of recycling facilities, brokerage accounts and a growing presence in export markets, WM Recycle America has chosen to strategically market its recovered fiber directly to India paper mills and converters to better service them.

"As one of North America's largest recyclers, we have the resources and the know-how to make this happen successfully," said William Caesar, president WM Recycle America, LLC, and WM Organic Growth.

The decision to enter this fast-emerging growing market fits Waste Management's transformation tenets to:

1. Know more about our customers and how to service them than anyone else in our industry;

2. Extract more value from the materials we handle; and

3. Innovate and optimize the business and our performance.

"With his 25 years of experience in the Indian paper industry, Vishal brings the knowledge and expertise in servicing Indian customers that will allow WM to build and grow its network of trading partners and add value for our customers," said Don Majka, vice president, commodity sales and marketing, WM Recycle America.

Dhawan said the India market is ready for the involvement of a major producer of recovered paper like Waste Management. "With its goal of managing 20 million tons by 2020, WM Recycle America will be a key player in servicing India's growing demand for secondary fiber," Dhawan said. "I look forward to developing sales channels and branding WM fiber within this outstanding market."

As North America's largest residential recycler, Waste Management's sustainability goal is to manage more than 20 million tons every year by 2020, up from the more than 12 million tons the company handled in 2012.

About Waste Management

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Our subsidiaries provide collection, transfer, recycling and resource recovery, and disposal services. We are also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. Our customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more visit www.wm.com or www.thinkgreen.com.

North America’s largest recycler enters India's recovered paper market

Posted in: Environment 10/23/2013 - 07:03

HOUSTON, Oct. 14, 2013 (Press Release) - WM Recycle America, LLC, has entered India's recovered paper market through a new exclusive representation agreement with Vishal Dhawan, president of Vishal Dhawan Enterprises Inc.

With the largest network of recycling facilities, brokerage accounts and a growing presence in export markets, WM Recycle America has chosen to strategically market its recovered fiber directly to India paper mills and converters to better service them.

"As one of North America's largest recyclers, we have the resources and the know-how to make this happen successfully," said William Caesar, president WM Recycle America, LLC, and WM Organic Growth.

The decision to enter this fast-emerging growing market fits Waste Management's transformation tenets to:

1. Know more about our customers and how to service them than anyone else in our industry;

2. Extract more value from the materials we handle; and

3. Innovate and optimize the business and our performance.

"With his 25 years of experience in the Indian paper industry, Vishal brings the knowledge and expertise in servicing Indian customers that will allow WM to build and grow its network of trading partners and add value for our customers," said Don Majka, vice president, commodity sales and marketing, WM Recycle America.

Dhawan said the India market is ready for the involvement of a major producer of recovered paper like Waste Management. "With its goal of managing 20 million tons by 2020, WM Recycle America will be a key player in servicing India's growing demand for secondary fiber," Dhawan said. "I look forward to developing sales channels and branding WM fiber within this outstanding market."

As North America's largest residential recycler, Waste Management's sustainability goal is to manage more than 20 million tons every year by 2020, up from the more than 12 million tons the company handled in 2012.

About Waste Management

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Our subsidiaries provide collection, transfer, recycling and resource recovery, and disposal services. We are also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. Our customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more visit www.wm.com or www.thinkgreen.com.

AMSTERDAM, The Netherlands, Oct. 21, 2013 (Press Release) -

Revenue down 5 percent, mainly due to adverse currency effects and divestments
Operating income at €303 million (2012: €248 million), mainly driven by lower restructuring costs and higher volumes
Net income attributable to shareholders €155 million (2012: €110 million)
Adjusted EPS stable at €0.74
Interim dividend of €0.33 declared
AkzoNobel ranked first in Dow Jones Sustainability Index in the Materials industry group
Divestment of Building Adhesives completed on October 1
Performance improvement program on track with estimated €160 million restructuring charges in Q4
Expected higher restructuring charges and continued weak markets mean that full-year operating income before incidental items is unlikely to exceed €908 million

Akzo Nobel N.V. (AkzoNobel) today reported third quarter revenues of €3,778 million, 5 percent lower compared with the same period last year. The decrease was a consequence of adverse currency effects and divestments. Lower restructuring costs and higher volumes helped push Q3 operating income up 22 percent to €303 million.

The third quarter saw AkzoNobel divest its Building Adhesives business (completed October 1) and announce plans to drive further efficiency and performance improvements within Functional Chemicals and in Germany, as well as plans to streamline the management structure in Decorative Paints to improve competitiveness. The company also published details of investments totaling more than €50 million in two new manufacturing facilities to meet growing demand in western China. AkzoNobel furthermore maintained its number one ranking in the Dow Jones Sustainability Index, heading the Materials industry group.

Decorative Paints revenues of €1,136 million in the third quarter were stable versus the previous year, with higher volumes offset by adverse currency effects. Although conditions in Europe remained challenging in general, global volumes were up on the same quarter last year. Lower costs and lower restructuring charges contributed to increased operating income for Q3 2013 of €107 million, more than double the previous year's figure.

Quarterly revenue at Performance Coatings declined 4 percent to €1,415 million compared with last year, with the decline attributable to adverse currency effects. Whilst overall volumes were up 2 percent, weak demand in Europe continued to impact all businesses. Q3 restructuring costs were lower in 2013 than a year earlier, as a result of which operating income showed an improvement, up 23 percent at €160 million.

Revenue in Specialty Chemicals was 10 percent lower at €1,252 million, primarily as a result of the divestment of Chemicals Pakistan and negative currency effects. Overall volumes were flat compared with a year earlier. Operating income was down 20 percent at €107 million, mainly as a consequence of one-off restructuring costs incurred as part of the performance improvement program in the Functional Chemicals Business Unit.

Performance improvement program

The performance improvement program announced in October 2011 is on track to deliver the full €500 million in EBITDA at the end of this year, a year early. Further efficiency and cost reduction measures have also been identified as restructuring activities are stepped up, the benefits of which will be realised in 2014 and beyond. As previously indicated, the majority of the restructuring charges for the second half of 2013 will be taken in the fourth quarter. Year-to-date AkzoNobel has charged €144 million of an expected full-year total of around €300 million restructuring costs, of which €75 million in Q3.

AkzoNobel will continue to implement new initiatives to optimize performance as it moves to a culture of continuous improvement and embedded operational excellence.

Outlook

The economic environment remains challenging and AkzoNobel does not expect an early improvement in the trends faced in its end-user market segments. The acceleration of the performance improvement program and the strategic priorities announced in February are the right focus to have in these markets. AkzoNobel expects restructuring charges in the fourth quarter of around €160 million. This means that full-year operating income before incidental items is unlikely to exceed €908 million.

CFO Keith Nichols

"The trading environment behind these results has not changed in that demand remains soft and on a comparative basis Q3 last year was particularly weak. Nevertheless, the actions we have taken to address the challenges our businesses are facing are starting to have a positive effect; the return on sales before restructuring charges has improved in all three Business Areas due largely to our performance improvement actions."

AkzoNobel 3Q 2013 results: operating income up 22% from year ago to Euro 303 million

10/21/2013 - 12:36

AMSTERDAM, The Netherlands, Oct. 21, 2013 (Press Release) -

Revenue down 5 percent, mainly due to adverse currency effects and divestments
Operating income at €303 million (2012: €248 million), mainly driven by lower restructuring costs and higher volumes
Net income attributable to shareholders €155 million (2012: €110 million)
Adjusted EPS stable at €0.74
Interim dividend of €0.33 declared
AkzoNobel ranked first in Dow Jones Sustainability Index in the Materials industry group
Divestment of Building Adhesives completed on October 1
Performance improvement program on track with estimated €160 million restructuring charges in Q4
Expected higher restructuring charges and continued weak markets mean that full-year operating income before incidental items is unlikely to exceed €908 million

Akzo Nobel N.V. (AkzoNobel) today reported third quarter revenues of €3,778 million, 5 percent lower compared with the same period last year. The decrease was a consequence of adverse currency effects and divestments. Lower restructuring costs and higher volumes helped push Q3 operating income up 22 percent to €303 million.

The third quarter saw AkzoNobel divest its Building Adhesives business (completed October 1) and announce plans to drive further efficiency and performance improvements within Functional Chemicals and in Germany, as well as plans to streamline the management structure in Decorative Paints to improve competitiveness. The company also published details of investments totaling more than €50 million in two new manufacturing facilities to meet growing demand in western China. AkzoNobel furthermore maintained its number one ranking in the Dow Jones Sustainability Index, heading the Materials industry group.

Decorative Paints revenues of €1,136 million in the third quarter were stable versus the previous year, with higher volumes offset by adverse currency effects. Although conditions in Europe remained challenging in general, global volumes were up on the same quarter last year. Lower costs and lower restructuring charges contributed to increased operating income for Q3 2013 of €107 million, more than double the previous year's figure.

Quarterly revenue at Performance Coatings declined 4 percent to €1,415 million compared with last year, with the decline attributable to adverse currency effects. Whilst overall volumes were up 2 percent, weak demand in Europe continued to impact all businesses. Q3 restructuring costs were lower in 2013 than a year earlier, as a result of which operating income showed an improvement, up 23 percent at €160 million.

Revenue in Specialty Chemicals was 10 percent lower at €1,252 million, primarily as a result of the divestment of Chemicals Pakistan and negative currency effects. Overall volumes were flat compared with a year earlier. Operating income was down 20 percent at €107 million, mainly as a consequence of one-off restructuring costs incurred as part of the performance improvement program in the Functional Chemicals Business Unit.

Performance improvement program

The performance improvement program announced in October 2011 is on track to deliver the full €500 million in EBITDA at the end of this year, a year early. Further efficiency and cost reduction measures have also been identified as restructuring activities are stepped up, the benefits of which will be realised in 2014 and beyond. As previously indicated, the majority of the restructuring charges for the second half of 2013 will be taken in the fourth quarter. Year-to-date AkzoNobel has charged €144 million of an expected full-year total of around €300 million restructuring costs, of which €75 million in Q3.

AkzoNobel will continue to implement new initiatives to optimize performance as it moves to a culture of continuous improvement and embedded operational excellence.

Outlook

The economic environment remains challenging and AkzoNobel does not expect an early improvement in the trends faced in its end-user market segments. The acceleration of the performance improvement program and the strategic priorities announced in February are the right focus to have in these markets. AkzoNobel expects restructuring charges in the fourth quarter of around €160 million. This means that full-year operating income before incidental items is unlikely to exceed €908 million.

CFO Keith Nichols

"The trading environment behind these results has not changed in that demand remains soft and on a comparative basis Q3 last year was particularly weak. Nevertheless, the actions we have taken to address the challenges our businesses are facing are starting to have a positive effect; the return on sales before restructuring charges has improved in all three Business Areas due largely to our performance improvement actions."

HELSINKI, Oct. 17, 2013 (Press Release) - Simo Sääskilahti (M.Sc. Engineering, M.Sc. Economics) has been appointed Senior Vice President, Strategy and Business Development for Metso Group. He will also be a member of Metso Executive team.

His responsibilities include Metso's strategy and business development and mergers & acquisitions. He will start in his new position on November 1, 2013 and report to Matti Kähkönen, President and CEO of Metso.

Simo Sääskilahti moves to his new position from Metso's Automation business, where he has held the position of Vice President, Business Development responsible for Metso's Automation business' strategy process, mergers and acquisitions, Health, Safety & Environment and quality development.

Kalle Reponen, Metso's current Senior Vice President, Strategy and M&A, has decided to leave Metso. He will remain in his position until the end of October, 2013 and in the company until the end of 2013.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

Metso appoints Simo Sääskilahti as senior VP, strategy and business development, effective Nov. 1

10/21/2013 - 08:00

HELSINKI, Oct. 17, 2013 (Press Release) - Simo Sääskilahti (M.Sc. Engineering, M.Sc. Economics) has been appointed Senior Vice President, Strategy and Business Development for Metso Group. He will also be a member of Metso Executive team.

His responsibilities include Metso's strategy and business development and mergers & acquisitions. He will start in his new position on November 1, 2013 and report to Matti Kähkönen, President and CEO of Metso.

Simo Sääskilahti moves to his new position from Metso's Automation business, where he has held the position of Vice President, Business Development responsible for Metso's Automation business' strategy process, mergers and acquisitions, Health, Safety & Environment and quality development.

Kalle Reponen, Metso's current Senior Vice President, Strategy and M&A, has decided to leave Metso. He will remain in his position until the end of October, 2013 and in the company until the end of 2013.

Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.

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