Published by Global Banking and Finance Review
Posted on January 29, 2025
By Dimitri Rhodes and Anna Peverieri
(Reuters) - Akzo Nobel expects to cut around 2,200 jobs and to close at least five more sites in 2025 as part of its restructuring efforts, the Dulux paints maker said on Wednesday.
Akzo Nobel, which had around 34,600 employees at the end of December, had last year said it planned to cut about 2,000 jobs globally by the end of 2025.
"We expect to deliver over 150 million euros ($156 million) of annualized gross savings with the full run rate achieved by the end of this year," CEO Greg Poux-Guillaume said during a conference call with analysts.
The Amsterdam-listed company said the job cuts, to be carried out in functional positions like finance and HR, would be finalised by mid-year, after which it would focus on higher job grades in Europe.
Aside from the planned site closures this year, more were already scheduled for 2026, along with a possibility of further job cuts, it added.
The paint and coatings maker last year announced plant closures in Ireland, the Netherlands and Zambia. In January, it said it would lay off up to 211 people in France.
"We don't want to create the impression that restructuring is a recurring item for Akzo Nobel," CEO Greg Poux-Guillaume said.
"Whatever the number ends up being ... it will be something that we will finalize this year and then we'll move on."
The group now targets a benefit of a 300 million euros by 2027 through the restructuring plan it announced two years ago to combat a post-COVID slowdown in its decorative do-it-yourself business in Europe.
($1 = 0.9618 euros)
(Reporting by Dimitri Rhodes and Anna Peverieri; Editing by Milla Nissi)
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