Dulux maker Akzo Nobel plans to cut about 2,000 jobs globally
Adds graphic, headcount in paragraph 3, context on wider market and YTD share performances in paragraphs 6-7
By Stephanie Hamel
Sept 24 (Reuters) -Dulux paint maker Akzo Nobel AKZO.AS plans to cut about 2,000 jobs globally, more than 5% of its workforce, as part of its efforts to reduce costs, targeting positions in its head offices, the Dutch company said on Tuesday.
"We will be simplifying our structure, our processes, reducing cost of administrative functions," Akzo Nobel's senior spokesperson told Reuters, with positions in finance or global business services at the head offices to be affected.
Akzo Nobel, which had around 35,700 employees as of June 30, said the job cuts would be finalised by the end of 2025.
The Amsterdam-listed group late last year announced a cost saving "industrial transformation" plan, aiming for a 250 million euros ($278 million) benefit by 2027, following a post-COVID slowdown marked by rising raw material costs and customer destocking in its decorative do-it-yourself segment in Europe.
Related to this, it announced plant closures in May in Ireland, the Netherlands and Zambia.
The Akzo Nobel shares have dropped around 21% so far this year, mirroring an industry-wide slump, with rivals PPG PPG.N and Nippon Paint 4612.T down 14.9% and 20.9% respectively.
American paint maker Sherwin-Williams SHW.N, which raised its full-year earnings forecast in July supported by higher pricing and increased sales, has meanwhile gained more than 22% year-to-date, an outlier in an otherwise sluggish environment.
Akzo did not have a specific estimate on how much costs would be saved with the job cuts, the spokesperson said, adding that part-time positions could also be affected.
Its shares were up 0.9% by 0910 GMT.
($1 = 0.8994 euros)
Large paint groups still hit by post-COVID slump https://tmsnrt.rs/4gEmdzo
Reporting by Stéphanie Hamel in Gdansk, additional reporting by Alessandro Parodi;
Editing by David Goodman and Milla Nissi
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