Paint Maker Akzo Nobel Announces 3,500 Job Cuts

Company cites synergy with ICI which it bought last year

The world's largest paint maker, the Dutch-Swedish chemicals group Akzo Nobel, said on Sept. 29 said it would cut 3,500 jobs by 2011.

Synergies with ICI, the British chemicals group Akzo Nobel bought last year, "combined with... additional net cost savings, will result in a total reduction of 3,500 jobs by 2011," the company said.

It also said it was postponing a program to buy back 1.6 billion euros (US$2.3 billion) in shares due to the crisis hitting world banks. "Given the current volatile situation in the global financial markets the company has decided to defer the remaining 1.6 billion euros of the current program," it said.

AkzoNobel employs 60,000 people around the world and makes products such as Dulux paint.

Copyright Agence France-Presse, 2008

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