Akzo Nobel N.V. (AKZOY.PK,AKZOY), a Dutch paints and performance coatings company, announced on Wednesday that it will be axing more jobs in 2025 and targets up to 2200 net reductions with closure of at least five sites. The paints and coatings brand expects to achieve an annualized gross savings of over 150 million euros with the full run rate by the end of 2025.
The company had slashed 1,100 staff in 2024, net of 200 insourcing.
Effective by midyear, with an implementation cost of around 140 million euros, the company aims to reduce higher-grade jobs in Europe.
In addition, Akzo Nobel intends to close more sites in 2025 and 2026 to boost operating efficiency. In 2025, the paint maker plans to close about five sites and the remaining in 2026. The firm had completed the closure of six sites in 2024. Restructuring cash out through 2027 is expected to be 175 million euros.
With these closures, Akzo Nobel is expected to post a total benefit of 300 million euros, of which 70 million euros industrial benefit is projected to be reported in 2025, with gross savings of 170 million euros. Further, the company expects industrial benefit of 90 million euros in 2026 and 110 million euros in 2027.
Akzo Nobel was trading down by 5.84 percent at 56.44 euros on Amsterdam.
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