3. AkzoNobel

Amsterdam

CEO/Chairman of the Board of Management: Greg Poux-Guillaume

www.akzonobel.com

2024 Coatings Sales: Approx. $11.16 billion USD (€10.71 billion)

With operations in more than 150 countries, AkzoNobel is a global leader in the manufacture of paints and coatings. In 2024, the company reported a 1% increase in revenue, rising from €10.67 billion in 2023 to €10.71 billion in 2024. Revenue by region was: Europe, Middle East and Africa (47%); North Asia (16%); South Asia Pacific (12%); North America (13%); and Latin America (12%).

AkzoNobel operates two business units: Decorative Paints and Performance Coatings. In 2024, Decorative Paints generated €4.301 billion in third-party revenue (up slightly from €4.300 billion in 2023), while Performance Coatings generated €6.401 billion (up from €6.368 billion). Performance Coatings delivered a solid performance amid dynamic market conditions, achieving volume growth despite mixed demand in sectors such as automotive and industrial.

Notes: In January 2024, the first large cruise ship built in China set off on its maiden voyage, coated with International® paint from AkzoNobel’s Marine, Protective and Yacht Coatings business.

In February 2024, AkzoNobel opened a €26 million manufacturing plant in Faisalabad, its largest investment in Pakistan to date. The 25-acre site includes facilities for decorative, wood, automotive, coil and protective coatings and features an on-site forest.

In March 2024, AkzoNobel announced all manufacturing sites in Latin America are now operating on 100% renewable electricity. Similar milestones were previously reached in North America (early 2023) and Europe (early 2022). Also in March, the company committed more than $30 million to upgrade its four North American powder coatings sites in Reading, Pennsylvania; Warsaw, Indiana; Nashville, Tennessee; and Monterrey, Mexico. Investments include new extruders, thermoplastics and bonding technologies to increase production efficiency and application capabilities.

In May 2024, the company’s Powder Coatings business launched Interpon A3000, its first single-layer powder coating for motorcycles. The new product aims to boost cost and energy savings while maintaining performance and aesthetics. Additionally, AkzoNobel announced the appointment of Brian Martin as business development manager  and Kari Pugliano as marketing director for its Automotive & Specialty Coatings division in North America. 

In June 2024, AkzoNobel invested $3.6 million at its coil and extrusion coatings manufacturing facility in Garcia, Mexico, to increase production capacity and efficiency for customers across North America, including Mexico and the southwestern United States.

In July 2024, AkzoNobel completed a major upgrade of its Suzhou site in China as part of a €14 million investment to double capacity for marine and protective coatings by 2025. The first upgraded production line is already boosting daily output by more than 40%. Also in July, AkzoNobel’s Resicoat brand developed a new powder coatings technology for electric vehicle battery systems that provides high dielectric protection with a single spray, improving efficiency and safety.

In August 2024, the company launched Accelshield™ 300, a new internal coating for beverage cans that is free of bisphenols, styrene, PFAS and formaldehyde. The product offers corrosion protection and improved sensory performance. Additionally, AkzoNobel announced the appointments of Robert Tsas as national fleet manager and Jason Wall as west region sales leader for its U.S. Vehicle Refinishes business.

In September 2024, AkzoNobel introduced Interpon D2525 Low-E, a superdurable low-bake powder coating designed for architectural surfaces in harsh environments. The range is backed by an Environmental Product Declaration (EPD) and enhances durability in both extreme and standard conditions.

In October 2024, AkzoNobel announced an industrial transformation plan aimed at improving efficiency and reducing costs through streamlined operations, primarily within head office functions. The initiative is expected to generate savings of €250 million by 2027. Additionally, the company announced the intention to close manufacturing sites in Groot-Ammers (The Netherlands), Cork (Ireland) and Lusaka (Zambia), transferring production to other locations in the region as part of a multiyear industrial efficiency plan.

In November 2024, AkzoNobel launched its largest solar energy installation in Europe at its Pilawa site in Poland. The 1.9 MWp system will supply nearly 25% of the electricity used at the decorative paints facility. Also in November, the company opened its first Yacht Paint Application Center (YPAC) in the Asia-Pacific region, located at Gold Coast City Marina in Coomera, Australia.

In December 2024, AkzoNobel supported a major infrastructure project to enhance China’s water supply by helping develop a new standard for powder coatings in drinking water systems. The company’s Resicoat products were used in the Pearl River Delta water diversion project, the largest of its kind in Guangdong Province.

Source: Company contact, Annual Report, press releases