AkzoNobel to cut 2,000 jobs in cost-saving plan

Dutch paints and coatings giant AkzoNobel has unveiled a simplification plan that will see it eliminate around 2,000 jobs worldwide, as it looks to reduce costs and drive efficiencies across the organisation.

The company said it was working to "help drive profitable growth" by simplifying operations, accelerating decision-making and streamlining its management structure.

In a brief statement on Tuesday, AkzoNovel said the structural adjustments are planned to be finalised by the end of 2025, but didn't give any more details on what they would entail.

“Over the last three quarters, we have demonstrated our ability to grow," said chief executive Greg Poux-Guillaume.

"We aim to accelerate profitable growth by optimising our functional organisation to become more agile in volatile markets and offset headwinds such as rising labor cost."

The share price was up 0.6% at €58.94 by 1153 in Amsterdam.