Thursday, 18 February 2010

Norwest. Paint group on the way to profits

Paintmaker, Wattyl, based in Norwest Business Park, expects to return to profit following shedding 14 per cent of its workers and introducing lightweight plastic paint cans as part of a two-year program which aims to reduce costs by $26 million by June this year. Wattyl recorded a profit after tax of $2.4 million for the half year ended 31 December 2009, after a loss of $1.5 million in the corresponding period in 2008. Sales volume fell in liner with a 5.6 per cent for the industry during the half-year to December.. Full-year earnings, before interest and tax, may total between $12 million and $13 million. Wattyl has new products, with more to come, to meet competition from Nippon Paints, which entered the market two years ago. “The challenge will be for us to grow our market share after a number of years of decline,”said CEO, Tony Dragicevich.



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