24 september 2024 : AkzoNobel, the leading global paint manufacturer known for its Dulux brand, announced on Tuesday that it will be laying off 2,000 employees worldwide, representing over five percent of its workforce, in a bid to reduce costs.
CEO Greg Poux-Guillaume stated that these job cuts will enable the company to “become more agile in volatile markets” and mitigate challenges such as increasing labor costs.
Following the announcement, AkzoNobel’s stock rose by 1.5% at the Amsterdam exchange, outperforming the overall market, which increased by 0.6%.
Despite experiencing three consecutive quarters of growth, the company has faced pressures from rising raw material costs and a slowing global economy.
As of last year, AkzoNobel employed approximately 35,200 people across more than 150 countries, according to its latest annual report.
The plan to reduce the workforce is intended to cut costs and improve efficiency, with Poux-Guillaume highlighting that it would “accelerate decision-making and streamline the management structure.”
The implementation of these cost-cutting measures is expected to be completed by the end of next year.
