AkzoNobel Plans to Lay Off 2,000 Employees, South Asia Decorative Paint Business May Be Sold!

Oct. 4 | AkzoNobel said it will explore options for its South Asian decorative coatings business as part of a strategic review, including entering into partnerships, pursuing mergers or selling assets. Following recent disappointing results, the Dutch paint maker last week laid out plans to cut 2,000 jobs worldwide, or about 5.6 per cent of its workforce, to tackle cost pressures and streamline operations. The company said late Thursday that it would begin reviewing its portfolio in South Asia. The company believes that the decorative coatings market in South Asia is ripe for consolidation. Akzonobel said its decorative coatings business in South Asia is well positioned to participate in the market's development, noting in particular that its Indian business is highly profitable. "The review will explore strategic options such as partnerships, joint ventures, mergers or divestments," Akzonobel said. Akzonobel Chief Executive Greg Poux-Guillaume said the review was aimed at reallocating capital to accelerate growth in the group's core coatings business.