AkzoNobel is a global leader in the paints and coatings industry, active in over 150 countries and committed to delivering innovative, high-performance, and sustainable products that create value for customers, shareholders, employees, and society. With a world-class portfolio of brands and a focus on sustainability-driven innovation, AkzoNobel sets its sights on becoming the global industry leader, building on a legacy of inventing the future since 1792. The company’s products protect and enhance surfaces across various end markets, from homes and cities to transport and infrastructure, exploring new frontiers in deep oceans and even outer space. Let’s paint the future together with AkzoNobel.
Company History
AkzoNobel has a rich history rooted in innovation and sustainability, dating back to 1792 when it began as one of the world’s most sustainable paints companies. Over the years, the company has evolved into a global powerhouse in the paints and coatings sector, inventing the future through groundbreaking products and technologies. Active in over 150 countries, AkzoNobel has set its sights on becoming the global industry leader, trusted by customers around the globe for its world-class portfolio of brands including Dulux, International, Sikkens, and Interpon.
The company’s journey reflects a commitment to coloring people’s lives and protecting what matters most. From deep beneath the ocean to homes, cities, transport, and even outer space, AkzoNobel products and technologies explore new frontiers because every surface is an opportunity. This history of resilience and innovation has positioned AkzoNobel to control its own destiny, stepping up self-help measures to boost performance amid complex operating environments.
In 2024, AkzoNobel demonstrated its ability to grow in mixed market conditions, facing continued inflationary pressure, adverse currency impacts, and unstable markets. Despite these headwinds, the company achieved solid organic growth, maintaining focus on innovation and developing leading products and services that offer significant benefits to customers. Sustainability continues to drive innovation, demonstrated by openings like the world’s first purpose-built wind turbine blade testing facility and installations of hydrogen-powered spray booths.
AkzoNobel was formed in 1994 from the merger of Akzo and Nobel Industries, but its roots trace back to 1792 with Nobel’s founding. The company has since expanded through acquisitions and strategic investments, such as the 2023 acquisition of the Huarun business in China, integrated into Decorative Paints China and North Asia. This history of strategic growth has enabled AkzoNobel to deliver profitable growth by developing innovative, high-performance, and more sustainable products.
Throughout its history, AkzoNobel has prioritized sustainability, achieving milestones like a 41% reduction in Scope 1 and 2 carbon footprint versus the 2018 baseline in 2024. The company’s sustainability-driven innovation pillar focuses on capturing opportunities that sustainability presents as a catalyst for innovation. Recognizing that sustainability is driving changes in the industry, AkzoNobel aligns with its strengths in innovation and leadership position in sustainability.
The company’s history also includes significant operational transformations. In 2024, AkzoNobel progressed its industrial excellence program, closing six sites and making strategic investments to enhance and modernize anchor sites. This history of operational excellence has helped AkzoNobel achieve mid-term ambitions, including >16% adjusted EBITDA margin and 16-19% return on investment.
AkzoNobel’s history is marked by a commitment to people and society. Through initiatives like AkzoNobel Cares, the company has empowered more than 100,000 community members with new skills by 2030, achieving this ambition six years early in 2024. Programs like “Let’s Colour” have donated over 100,000 liters of paint to renovate community living spaces in 25 countries, involving over 2,000 employee volunteers.
This extensive history underscores AkzoNobel’s position as a resilient, innovative leader in the paints and coatings industry, continually adapting to market conditions while driving sustainable long-term value creation.
Business Segments
AkzoNobel operates through two main business segments: Decorative Paints and Performance Coatings, each focusing on distinct markets and delivering comprehensive solutions with revenue breakups of approximately 40% and 60% respectively based on 2024 figures (Decorative Paints: €4,301 million, Performance Coatings: €6,410 million, total revenue €10,711 million).
Decorative Paints (40% Revenue Breakup)
The Decorative Paints segment is comprised of businesses that focus on a full range of interior and exterior decoration and protection products for both the professional and do-it-yourself channels. These include paints, enamels and varnishes, as well as products for surface preparation. AkzoNobel operates its own sales distribution network in addition to selling through agents and distributors, across three geographical regions: EMEA, Latin America, and Asia.
Adjusted EBITDA at €635 million (2023: €645 million). Adjusted EBITDA margin at 14.8% (2023: 15.0%).
Key financial figures for Decorative Paints:
- Operating income: €405 million (down 19% from 2023)
- Identified items: -€80 million
- Depreciation and amortization (excluding identified items): -€150 million
- Adjusted EBITDA: €635 million (down 2%)
- Adjusted EBITDA margin: 14.8%
- Average invested capital: €3,921 million (up 4%)
- ROI: 12.4%
Revenue by region in Decorative Paints:
- EMEA: €2,462 million (up 2%, organic up 2%)
- Latin America: €825 million (up 6%, organic up 11%)
- Asia: €1,014 million (down 8%, organic down 9%)
The Decorative Paints segment’s history of resilience in varied market conditions underscores its comprehensive details, with revenue breakup at 40% of total company revenue.
Performance Coatings (60% Revenue Breakup)
AkzoNobel is one of the world’s leading manufacturers and suppliers of performance coatings. The company products are engineered to achieve functional properties such as corrosion control, fouling control, anti-scratch and passive fire protection, while delivering step changes in sustainability. The company Performance Coatings activities are organized into four main businesses: Automotive and Specialty; Industrial; Marine and Protective; and Powder Coatings. Key end markets include general industrials (agricultural and construction equipment, construction-related steel and metal fabrication, pipes, appliances and transportation), energy, packaging, infrastructure and shipbuilding and maintenance.
Performance Coatings delivered a solid performance in a year marked by dynamic market conditions, showcasing resilience and adaptability across diverse end markets. Despite varying demand trends in sectors such as automotive and industrial, the business achieved volume growth.
Robust new-build order books drove further recovery in Marine and Protective Coatings, while Powder Coatings maintained growth momentum, despite softer automotive markets in the latter half of the year. Industrial Coatings started the year strong, particularly in Coil and Packaging, although industrial demand softened in the latter half. In Automotive and Specialty Coatings, Aerospace was resilient and overcame OEM challenges. Geographically, China delivered strong performance across most Coatings businesses – in contrast to what we saw in Decorative Paints.
Organic sales were up 2%, driven by higher volumes in most businesses. Price/mix was flat. Unfavorable exchange rates were a headwind, reducing revenue by 1%. Revenue was up 1% compared with the previous year, at €6,410 million.
Operating income of €679 million (2023: €698 million) was impacted by identified items of negative €56 million, mainly due to restructuring related costs (2023: positive €13 million, including gains from property divestments). Gross margin expansion excluding identified items more than offset operating cost inflation. Adjusted EBITDA increased to €913 million (2023: €854 million). Adjusted EBITDA margin increased to 14.2% (2023: 13.4%).
Key financial figures for Performance Coatings:
- Operating income: €679 million (down 3%)
- Identified items: -€56 million
- Depreciation and amortization (excluding identified items): -€178 million
- Adjusted EBITDA: €913 million (up 7%)
- Adjusted EBITDA margin: 14.2%
- Average invested capital: €3,773 million (up 1%)
- ROI: 19.5%
Revenue by business unit in Performance Coatings:
- Powder Coatings: €1,365 million (down 1%, organic up 1%)
- Marine and Protective Coatings: €1,575 million (up 6%, organic up 8%)
- Automotive and Specialty Coatings: €1,434 million (up 1%, organic up 2%)
- Industrial Coatings: €2,036 million (down 2%, organic down 1%)
Performance Coatings revenue by business unit: Powder Coatings 21%, Marine and Protective Coatings 25%, Automotive and Specialty Coatings 22%, Industrial Coatings 32%.
The Performance Coatings segment’s comprehensive details highlight its 60% revenue breakup, driven by innovation and resilience in dynamic markets.
Products or Services Offered by the Company (Revenue Breakup %)
AkzoNobel offers a wide range of products and services in its Decorative Paints and Performance Coatings segments, with revenue breakups as detailed above.
Decorative Paints Products and Services
The Decorative Paints segment provides decorative paints to both the professional and the do-it-yourself markets. It supplies a variety of quality products for every situation and surface, including paints, lacquers and varnishes. It also offers a range of mixing machines, color concepts and training courses for the building and renovation industry.
Key products include:
- Interior and exterior decoration and protection products
- Paints, enamels, varnishes
- Products for surface preparation
- Services such as mixing machines, color concepts, advice, and training courses for applicators
Revenue breakup for Decorative Paints products is not separately broken down, but the segment as a whole contributes 40% to total revenue.
Performance Coatings Products and Services
The Performance Coatings segment supplies performance coatings to protect and enhance ships, cars, aircraft, yachts and architectural components (structural steel, building products, flooring), consumer goods (mobile devices, appliances, beverage cans, furniture) and oil and gas facilities, pipelines and windmills.
Key products and services include:
- Powder Coatings: Low-bake, superdurable powder coatings for architectural and industrial applications
- Marine and Protective Coatings: Fouling control, passive fire protection, corrosion protection coatings
- Automotive and Specialty Coatings: Aerospace coatings, vehicle refinish, consumer electronics coatings like soft touch technologies
- Industrial Coatings: Coil coatings, packaging coatings, wood finishes and adhesives
Revenue breakup within Performance Coatings:
- Powder Coatings: 21%
- Marine and Protective Coatings: 25%
- Automotive and Specialty Coatings: 22%
- Industrial Coatings: 32%
Overall, the Performance Coatings segment contributes 60% to total revenue.
AkzoNobel’s products are designed to achieve functional properties such as corrosion control, fouling control, anti-scratch, and passive fire protection, while delivering step changes in sustainability. The company provides services like training courses, color concepts, and advice, enhancing customer value.
Brands Details and List (Revenue Breakup %)
AkzoNobel boasts a world-class portfolio of brands trusted by customers globally. Key brands include:
- Dulux: Leading brand in decorative paints, known for innovative color solutions.
- International: High-performance coatings for marine, protective, and yacht sectors.
- Sikkens: Premium wood coatings and decorative paints.
- Interpon: World-leading powder coatings brand.
Other brands from the Decorative Paints segment: Coral, Flexa, Marshall, Nordsjö, Pintuco, Sadolin, Hammerite, Mauvilac, Polyfilla, Titan.
From Performance Coatings: AWLGRIP, Chemcraft, Interlux, International, Interpon, RESICOAT, Sikkens, WANDA.
Revenue breakup by brands is not specifically provided, but brands are aligned with segments: Decorative Paints brands contribute to 40% revenue, Performance Coatings brands to 60%.
The brands are integral to AkzoNobel’s strategy, with a focus on premium positions and differentiated products. For example, the Coral brand celebrated its 70th anniversary in 2024, launching the Coral Institute in Brazil to support community initiatives.
Geographical Presence and List (Revenue Breakup %)
AkzoNobel has a strong geographical presence, operating in over 150 countries with revenue by destination as follows (2024):
- EMEA: 47% (€5,036 million)
- North Asia: 16% (€1,714 million)
- South Asia Pacific: 12% (€1,285 million)
- North America: 13% (€1,392 million)
- Latin America: 12% (€1,285 million)
The company’s global footprint includes manufacturing sites, offices, and distribution networks across these regions. Key highlights:
- EMEA: Strong resilience in Decorative Paints, with flat volumes but maintained performance. Performance Coatings showed growth in Marine and Protective.
- North Asia: Challenging for Decorative Paints in China due to real estate crisis, but strong in Performance Coatings.
- South Asia Pacific: High volume growth in Decorative Paints, driven by India and Indonesia.
- North America: Mid single-digit growth in Powder Coatings, but slowdown in Automotive.
- Latin America: Strong growth in Decorative Paints led by Brazil, with high single-digit volumes.
This balanced geographical spread supports AkzoNobel’s resilience, with investments in high-growth regions like Asia.
Financials
AkzoNobel reported solid financial performance in 2024, with detailed consolidated statements as follows.
Consolidated Profit and Loss (P&L) Statement
| in € millions, for the year ended December 31 | Note | 2023 | 2024 |
|---|---|---|---|
| Continuing operations | |||
| Revenue | 4 | 10,668 | 10,711 |
| Cost of sales | 6 | 6,380 | 6,397 |
| Gross profit | 4,288 | 4,314 | |
| Selling expenses | 6 | 2,344 | 2,364 |
| General and administrative expenses | 6 | 1,011 | 1,086 |
| Research and development expenses | 6 | 270 | 296 |
| Other operating income | 6 | 366 | 349 |
| Operating income | 1,029 | 917 | |
| Financing income | 7 | 36 | 52 |
| Financing expenses | 7 | -308 | -154 |
| Results from associates | 13 | 13 | 14 |
| Profit before tax | 770 | 829 | |
| Income tax | 8 | -287 | -237 |
| Profit for the period from continuing operations | 483 | 592 | |
| Profit for the period from discontinued operations | 9 | -5 | 0 |
| Profit for the period | 478 | 592 | |
| Attributable to | |||
| Shareholders of the company | 442 | 542 | |
| Non-controlling interests | 36 | 50 | |
| Profit for the period | 478 | 592 | |
| Earnings per share, in € | |||
| Continuing operations | 2.84 | 3.45 | |
| Discontinued operations | -0.03 | 0 | |
| Total operations | 2.81 | 3.45 | |
| Adjusted earnings per share from continuing operations, in € | 3.07 | 3.88 |
Consolidated Balance Sheet
| in € millions, at December 31 | Note | 2023 | 2024 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | 10 | 4,072 | 4,081 |
| Property, plant and equipment | 11 | 1,994 | 2,122 |
| Right-of-use assets | 12 | 302 | 318 |
| Deferred tax assets | 8 | 512 | 422 |
| Investments in associates | 13 | 216 | 228 |
| Financial non-current assets | 14 | 1,409 | 1,274 |
| Total non-current assets | 8,505 | 8,445 | |
| Current assets | |||
| Inventories | 15 | 1,649 | 1,721 |
| Trade and other receivables | 16 | 2,483 | 2,498 |
| Current tax assets | 8 | 134 | 150 |
| Short-term investments | 20 | 265 | 165 |
| Cash and cash equivalents | 20 | 1,513 | 1,302 |
| Total current assets | 6,044 | 5,836 | |
| Total assets | 14,549 | 14,281 | |
| Equity and liabilities | |||
| Equity | |||
| Shareholders’ equity | 17 | 4,322 | 4,574 |
| Non-controlling interests | 17 | 224 | 242 |
| Group equity | 4,546 | 4,816 | |
| Non-current liabilities | |||
| Post-retirement provisions | 18 | 664 | 708 |
| Provisions and deferred income | 19 | 167 | 142 |
| Long-term borrowings | 20 | 2,933 | 3,550 |
| Deferred tax liabilities | 8 | 333 | 324 |
| Total non-current liabilities | 4,097 | 4,724 | |
| Current liabilities | |||
| Short-term borrowings | 20 | 2,630 | 1,818 |
| Trade and other payables | 21 | 3,045 | 3,054 |
| Provisions and deferred income | 19 | 231 | 219 |
| Current tax liabilities | 8 | 230 | 190 |
| Total current liabilities | 6,136 | 5,281 | |
| Total equity and liabilities | 14,779 | 14,821 |
Consolidated Cash Flow Statement
| in € millions, for the year ended December 31 | Note | 2023 | 2024 |
|---|---|---|---|
| Profit for the period from continuing operations | 483 | 592 | |
| Amortization and depreciation | 6 | 345 | 347 |
| Impairment losses | 6 | 18 | 20 |
| Changes in working capital | 121 | -71 | |
| Changes in provisions | -250 | -182 | |
| Other changes | -7 | -8 | |
| Cash generated from operating activities | 710 | 698 | |
| Interest paid | -171 | -165 | |
| Income tax paid | -202 | -180 | |
| Net cash from operating activities | 337 | 353 | |
| Capital expenditures | -286 | -306 | |
| Acquisitions and divestments, net of cash acquired | 2 | -18 | 3 |
| Other investing activities | 78 | 103 | |
| Net cash from investing activities | -226 | -200 | |
| New interest-bearing debt | 1,500 | 1,500 | |
| Repayment of interest-bearing debt | -1,200 | -1,000 | |
| Dividends | -338 | -338 | |
| Other financing activities | -73 | -76 | |
| Net cash from financing activities | -111 | 86 | |
| Net cash used for continuing operations | 0 | 239 | |
| Cash flows from discontinued operations | -5 | 0 | |
| Net change in cash and cash equivalents | -5 | 239 | |
| Cash and cash equivalents at January 1 | 1,518 | 1,063 | |
| Effect of exchange rate changes | 0 | 0 | |
| Cash and cash equivalents | 1,513 | 1,302 |
Subsidiary, Wholly-Owned Subsidiary and Associate Details (Full List with % and Revenue Breakup %)
Akzo Nobel N.V. is the parent company of a group of entities. The company has numerous subsidiaries, wholly-owned subsidiaries, and associates worldwide. Revenue breakup by subsidiaries is not individually provided, but consolidated under segments.
Full list of subsidiaries and associates as per the report:
Subsidiaries and Wholly-Owned Subsidiaries (100% unless noted)
- Albania: Akzo Nobel Albania Sh.p.k, Tirana (100%)
- Argentina: Akzo Nobel Argentina S.A., Buenos Aires (100%), Akzo Nobel Coatings Argentina S.A., Buenos Aires (100%), Pinturas Inca S.A., Buenos Aires (100%)
- Australia: Akzo Nobel Pty Ltd, Sunshine (100%), Akzo Nobel Car Refinishes Australia Pty Ltd, Sunshine (100%), Akzo Nobel Coatings (Holdings) Pty Ltd, Sunshine (100%), Dulux Pty Ltd, Clayton (100%), International Paint (Australia) Pty Ltd, Sunshine (100%), International Paint (NSW) Pty Ltd, Sunshine (100%), Orica Australia Pty Ltd, Clayton (100%)
- Austria: Akzo Nobel Coatings AG, Vienna (100%), Akzo Nobel GmbH, Vienna (100%)
- Bahrain: Akzo Nobel Bahrain WLL, Manama (49%)
- Bangladesh: Akzo Nobel Bangladesh Ltd, Dhaka (100%)
- Belgium: Akzo Nobel Car Refinishes S.L. – Belgium Branch, Vilvoorde (100%), Akzo Nobel Coatings N.V., Vilvoorde (100%), Akzo Nobel N.V. – Belgium Branch, Vilvoorde (100%), Akzo Nobel Packaging Coatings S.A., Vilvoorde (100%), International Paint (Belgium) N.V., Sint-Pieters-Leeuw (100%), Sikkens Center N.V., Vilvoorde (100%)
- Bolivia: Pinturas Inca S.A., Santa Cruz de la Sierra (100%)
- Bosnia and Herzegovina: Akzo Nobel Coatings d.o.o., Sarajevo (100%)
- Brazil: Akzo Nobel Ltda, Sao Paulo (100%), Akzo Nobel Pulp and Performance Quimica Ltda, Sao Paulo (100%), Akzo Nobel Quimica Ltda, Sao Paulo (100%), IBR Tintas e Texturas Ltda, Sao Paulo (100%), International Paint Ltda, Sao Paulo (100%)
- Bulgaria: Akzo Nobel Coatings EOOD, Sofia (100%)
- Canada: Akzo Nobel Coatings Inc, Toronto (100%), Akzo Nobel Coatings Ltd, Ontario (100%), Akzo Nobel Wood Coatings Ltd, Port Hope (100%)
- Cayman Islands: ICI International Investments, George Town (100%)
- Chile: International Paint (Akzo Nobel Chile) Ltda, Santiago (100%)
- China: Akzo Nobel (Ningbo) Co Ltd, Ningbo (100%), Akzo Nobel (Suzhou) Co Ltd, Suzhou (100%), Akzo Nobel (Tianjin) Coatings Co Ltd, Tianjin (100%), Akzo Nobel Car Refinishes (Suzhou) Co Ltd, Suzhou (100%), Akzo Nobel Changcheng Coatings (Guangdong) Co Ltd, Guangzhou (100%), Akzo Nobel Chemicals (Ningbo) Co Ltd, Ningbo (100%), Akzo Nobel Chemicals (Tianjin) Co Ltd, Tianjin (100%), Akzo Nobel Coatings (Dongguan) Co Ltd, Dongguan (100%), Akzo Nobel Coatings (Huizhou) Co Ltd, Huizhou (100%), Akzo Nobel Coatings (Jiaxing) Co Ltd, Jiaxing (100%), Akzo Nobel Coatings (Langfang) Co Ltd, Langfang (100%), Akzo Nobel Coatings (Shanghai) Co Ltd, Shanghai (100%), Akzo Nobel Coatings (Suzhou) Co Ltd, Suzhou (100%), Akzo Nobel Coatings (Zhangjiagang) Co Ltd, Zhangjiagang (100%), Akzo Nobel Powder Coatings (Ningbo) Co Ltd, Ningbo (100%), Akzo Nobel Powder Coatings (Suzhou) Co Ltd, Suzhou (100%), Akzo Nobel Swire Paints (Guangzhou) Ltd, Guangzhou (100%), Akzo Nobel Swire Paints (Shanghai) Ltd, Shanghai (100%), International Paint of Shanghai Co Ltd, Shanghai (100%), Qingdao ICI Asia Pacific Coatings Co Ltd, Qingdao (100%)
- Colombia: Pintuco S.A.S, Medellin (100%)
- Croatia: Akzo Nobel Croatia d.o.o, Zagreb (100%)
- Czech Republic: Akzo Nobel Coatings CZ, a.s, Prague (100%)
- Denmark: Sadolin Farver A/S, Allerød (100%)
- Ecuador: Pinturas Condor S.A., Quito (100%)
- Egypt: Akzo Nobel Powder Coatings SAE, Cairo (100%)
- Estonia: AS Eskaro, Tallinn (100%)
- Finland: Oy International Paint (Finland) Ab, Helsinki (100%)
- France: Akzo Nobel Decorative Paints France SAS, Thiverny (99.983%), Akzo Nobel Distribution SAS, Corbas (99.983%), Akzo Nobel SAS, Montataire (100%), Akzo Nobel Powder Coatings SAS, Dourdan (100%), Mapaero SAS, Pamiers (100%)
- Germany: Akzo Nobel Chemicals GmbH, Düren (100%), Akzo Nobel Coatings GmbH, Hilden (100%), Akzo Nobel Deco GmbH, Cologne (100%), Akzo Nobel GmbH, Cologne (100%), Akzo Nobel Powder Coatings GmbH, Reutlingen (100%), Akzo Nobel Powder Coatings Nord GmbH, Offenbach am Main (100%), Schramm Holding GmbH, Offenbach am Main (100%)
- Greece: Akzo Nobel Anonymous Company of Paints and Related Products, Athens (100%), Varnishes and Paints Industry Vivechrom Dr. Stefanos D. Pateras S.A., Mandra Attica (79.1%)
- Guatemala: Pinturas Inca S.A., Guatemala City (100%)
- Hong Kong: Akzo Nobel Swire Paints Ltd, Hong Kong (100%)
- Hungary: Akzo Nobel Coatings Hungary Kft, Gödöllő (100%)
- India: Akzo Nobel India Ltd, Gurgaon (74.76%)
- Indonesia: PT ICI Paints Indonesia, Jakarta (100%), PT Propan Raya, Tangerang (100%)
- Ireland: Akzo Nobel Decorative Coatings Ltd, Clondalkin (100%), International Paints (Ireland) Ltd, Dublin (100%)
- Italy: Akzo Nobel Coatings S.p.A., Como (100%)
- Japan: Akzo Nobel Coatings KK, Osaka (100%)
- Kazakhstan: Akzo Nobel Kazakhstan LLP, Almaty (100%)
- Kenya: Crown Paints Kenya PLC, Nairobi (100%)
- Latvia: SIA Akzo Nobel Baltics, Riga (100%)
- Lithuania: UAB Akzo Nobel Baltics, Vilnius (100%)
- Luxembourg: Akzo Nobel Finance S.à.r.l., Luxembourg (100%)
- Malaysia: Akzo Nobel Paints (Malaysia) Sdn Bhd, Petaling Jaya (100%)
- Mexico: Akzo Nobel Mexico S.A. de C.V., Mexico City (100%)
- Morocco: Akzo Nobel Morocco S.A., Casablanca (100%)
- Netherlands: Akzo Nobel Car Refinishes B.V., Sassenheim (100%), Akzo Nobel Coatings B.V., Sassenheim (100%), Akzo Nobel Decorative Coatings B.V., Sassenheim (100%), Akzo Nobel Decorative Paints B.V., Ammerzoden (100%), Akzo Nobel Powder Coatings B.V., Sassenheim (100%), Flexa Mengverven B.V., Amsterdam (100%), International Paint (Netherlands) B.V., Sassenheim (100%), Sikkens Center B.V., Sassenheim (100%)
- New Zealand: Akzo Nobel Coatings Ltd, Auckland (100%)
- Norway: Akzo Nobel Car Refinishes AS, Oslo (100%), Akzo Nobel Coatings AS, Bergen (100%)
- Pakistan: ICI Pakistan Ltd, Lahore (75.81%)
- Panama: Pinturas Inca S.A., Panama City (100%)
- Peru: Akzo Nobel Peru S.A.C., Lima (100%)
- Poland: Akzo Nobel Car Refinishes Polska Sp. z o.o., Warsaw (100%), Akzo Nobel Decorative Paints Sp. z o.o., Warsaw (100%), Akzo Nobel Industrial Coatings Sp. z o.o., Kostrzyn Wlkp. (100%), International Paints (Poland) Sp. z o.o., Gdansk (100%)
- Portugal: Akzo Nobel Coatings (Portugal) S.A., Maia (100%), International Paint (Portugal) Lda, Oeiras (100%)
- Romania: Akzo Nobel Coatings Romania S.R.L., Bucharest (100%)
- Russia: Akzo Nobel Coatings LLC, Moscow (100%)
- Saudi Arabia: Akzo Nobel Powder Coatings Saudi Arabia Ltd, Jeddah (100%), Akzo Nobel Saudi Arabia Ltd, Jeddah (100%)
- Serbia: Akzo Nobel Beograd d.o.o., Belgrade (100%)
- Singapore: Akzo Nobel Paints (Singapore) Pte Ltd, Singapore (100%)
- Slovakia: Akzo Nobel Coatings a.s., Bratislava (100%)
- Slovenia: Akzo Nobel Coatings d.o.o., Ljubljana (100%)
- South Africa: Akzo Nobel Powder Coatings South Africa (Pty) Ltd, Alberton (100%), Akzo Nobel South Africa (Pty) Ltd, Johannesburg (100%)
- South Korea: Akzo Nobel Korea Ltd, Seoul (100%)
- Spain: Akzo Nobel Aerospace Coatings S.L., Barcelona (100%), Akzo Nobel Coatings S.L.U., Barcelona (100%), Akzo Nobel Powder Coatings S.A., Barcelona (100%)
- Sri Lanka: Akzo Nobel Paints Lanka (Pvt) Ltd, Colombo (100%)
- Sweden: Akzo Nobel Adhesives AB, Kristinehamn (100%), Akzo Nobel Bygglim AB, Stockholm (100%), Akzo Nobel Car Refinishes Nordic AB, Stockholm (100%), Akzo Nobel Industrial Coatings AB, Stockholm (100%), Akzo Nobel Sweden Finance AB, Stockholm (100%), Akzo Nobel Surface Chemistry AB, Stenungsund (100%), International Färg AB, Göteborg (100%)
- Switzerland: Akzo Nobel International AG, Sempach Station (100%)
- Taiwan: Akzo Nobel Coatings (Taiwan) Co Ltd, Taipei (100%)
- Thailand: Akzo Nobel Paints (Thailand) Ltd, Samut Prakan (100%)
- Tunisia: Akzo Nobel Tunisie S.A., Tunis (100%)
- Turkey: Akzo Nobel Boya Sanayi ve Ticaret A.S., Izmir (100%), Akzo Nobel Kemipol A.S., Izmir (99.99%)
- Ukraine: LLC “Akzo Nobel Holding Ukraine”, Kiev (100%)
- United Arab Emirates: Akzo Nobel Decorative Paints L.L.C., Dubai (49%), Akzo Nobel ME Coatings FZE, Jebel Ali Free Zone (100%), Akzo Nobel UAE Paints L.L.C., Dubai (49%)
- United Kingdom: Akzo Nobel (CPS) Pension Trustee Limited, London (100%), Akzo Nobel Benefit Trust Limited, Slough (100%), Akzo Nobel Decorative Paints Limited, Slough (100%), Akzo Nobel Limited, Slough (100%), Akzo Nobel Packaging Coatings Limited, Slough (100%), Akzo Nobel Powder Coatings Limited, Gateshead (100%), Akzo Nobel UK Ltd, Slough (100%), Cuprinol Limited, Slough (100%), Dulux Limited, Slough (100%), Ergon Investments International Limited, Slough (100%), Ergon Investments UK Limited, Slough (100%), Flexcrete Technologies Limited, Slough (100%), Hammerite Products Limited, Slough (100%), Holywell-Halkyn Mining and Tunnel Company Limited, Slough (96.955%), I C I Finance Limited, Slough (100%), Imperial Chemical Industries Limited, Slough (100%), International Paint Limited, Slough (100%), International Paints (Holdings) Limited, Slough (100%), Intex Yarns (Manufacturing) Limited, Slough (100%), J.P. McDougall & Co. Limited, Slough (100%), Mortar Investments International Limited, Slough (100%), Mortar Investments UK Limited, Slough (100%), Polycell Products Limited, Slough (100%), Resinous Chemicals Limited, Slough (100%), Sales Support Group Limited, Slough (100%)
- United States: Akzo Nobel Coatings Inc, Strongsville (100%), Akzo Nobel Paints LLC, Strongsville (100%), Akzo Nobel Services Inc, Chicago (100%), Akzo Nobel Surface Chemistry LLC, Chicago (100%), International Paint LLC, Houston (100%)
- Uruguay: Pinturas Inca S.A.U., Montevideo (100%)
- Vietnam: Akzo Nobel Coatings (Vietnam) Co Ltd, Dong Nai (100%)
- Zambia: Akzo Nobel Zambia Ltd, Lusaka (100%)
Associates (Percentage Ownership)
Investments in associates totaled €228 million in 2024. Key associates include:
- Delesto B.V., Netherlands (50%)
- Metlac Holding S.r.l., Italy (49%)
- Other associates with varying percentages, but no revenue breakup provided individually.
Revenue breakup for associates is not separately disclosed, as they are accounted for using the equity method.
Information about Physical Properties (Offices, Plants, Factories, etc.) and List
AkzoNobel operates approximately 130 manufacturing sites worldwide, along with offices, R&D centers, and distribution facilities. Key physical properties mentioned include:
- Felling, UK: Wind turbine blade testing facility, powder coatings plant.
- Ashington, UK: Decorative Paints site, award-winning for safety and training.
- Como, Italy: Powder coatings plant, expanded with four new lines.
- Pilawa, Poland: Decorative Paints site with largest solar energy plant in Europe.
- Suzhou, China: Marine and Protective Coatings site, upgraded production line.
- Bac Ninh, Vietnam: Production plant, major expansion.
- Sassenheim, Netherlands: Largest global R&D center, new technology center for powder coatings.
- Barcelona, Spain: New Industrial Coatings plant.
- High Point, US: Wood Coatings site.
- Groot-Ammers, Netherlands: Site closure announced.
- Cork, Ireland: Site closure announced.
- Lusaka, Zambia: Site closure announced.
- Ningbo, China: Multiple plants for coatings and chemicals.
- Guangzhou, China: Swire Paints plant.
These sites support AkzoNobel’s global operations, with investments in modernization and sustainability, such as solar panels and energy-efficient upgrades. The company optimizes its network by closing less efficient sites and investing in anchor sites.
Founders Details
AkzoNobel traces its origins to 1792, when it began as one of the world’s most sustainable paints companies. The modern AkzoNobel was formed in 1994 from the merger of Akzo and Nobel Industries. Nobel Industries’ roots go back to Alfred Nobel, the inventor of dynamite and founder of the Nobel Prize, who established companies in 1871. However, specific founder details for the 1792 origins are not detailed, reflecting the company’s long history of innovation in paints and coatings.
Board of Directors Details (List Every Director with Details)
AkzoNobel’s Board of Management and Supervisory Board oversee the company’s operations.
Board of Management
- Greg Poux-Guillaume (CEO and Chair, 1970, French): Joined in 2022, 30 years in industrial businesses and private equity. Previously CEO of Sulzer and GE Grid Solutions.
- Maarten de Vries (CFO, 1962, Dutch): Joined in 2018, previously CFO at Intertrust Group and TNT Express.
Supervisory Board
- Ben Noteboom (Chair, 1958, Dutch): Appointed 2023, term 2023-2027. Chair of Koninklijke Vopak N.V., Vice Chair of Koninklijke KPN N.V., Chair of Cancer Center Amsterdam, member of Stichting ADORE.
- Byron Grote (Deputy Chair, 1948, US/UK): Appointed 2014, term 2024-2025. Non-executive Director of IHG and Inchcape plc.
- Ester Baiget (1971, Spanish): Appointed 2022, term 2022-2026. CEO of Novozymes A/S, member of UN Global Compact, US Council for International Business, SBTi Board, Vice Chair of B Team.
- Jaska de Bakker (1970, Dutch): Appointed 2024, term 2024-2028. Non-executive at Prysmian S.p.A. and Nobian, Supervisory at Redcare Pharmacy N.V. and The Ocean Cleanup.
- Hans Van Bylen (1961, Belgian): Appointed 2022, term 2022-2026. Chair of Ontex Group NV and Etex NV, Supervisory at Lanxess AG.
- Wouter Kolk (1966, Dutch): Appointed 2024, term 2024-2028. Member of The LEAD Network and Amsterdam Economic Board.
- Dick Sluimers (1953, Dutch): Appointed 2015, term 2023-2025. Deputy Chair of Euronext N.V., Chair of Euronext Amsterdam and NIBC Bank N.V., Board of FWD Group, Board of Governors of State Academy of Finance and Economics, Trustee of Erasmus University Trust Fund, Senior Advisor to Bank of America Europe DAC.
- Patrick Thomas (1957, UK): Appointed 2017, term 2021-2025. Chair of Johnson Matthey plc, Supervisory at Covestro AG.
- Ute Wolf (1968, German): Appointed 2024, term 2024-2028. Deputy Chair of DWS Group GmbH & Co. KGaA, Supervisory at Infineon Technologies AG and MTU Aero Engines AG, Advisory at HSBC Trinkaus & Burkhardt.
The Supervisory Board has committees: Audit (Byron Grote Chair), Remuneration (Dick Sluimers Chair), Nomination (Ben Noteboom Chair).
Parent Company Details
Akzo Nobel N.V. is the parent company of the AkzoNobel group, a public limited liability company under Dutch law, headquartered in Amsterdam. It holds the shares in subsidiaries and oversees the group’s operations. There is no higher parent company; Akzo Nobel N.V. is the top entity.
Investment Details (List Every Passive Investment with %)
AkzoNobel’s investments include associates and short-term investments.
Associates (passive investments):
- Total investments in associates: €228 million (2024)
- Key associates: Delesto B.V. (50%), Metlac Holding S.r.l. (49%), others not specified with %.
Short-term investments: €165 million (2024), consisting of time deposits, money market funds, and marketable securities.
No further detailed list of every passive investment with %, as associates are equity-accounted, and short-term are financial assets.
Revenue breakup from investments not specified, as they are passive.
Future Investment Plan
AkzoNobel’s future investment plan focuses on sustainability-driven innovation, growth in focus segments, industrial excellence, and active portfolio management. Mid-term ambitions include >16% adjusted EBITDA margin, 16-19% ROI, >6% CAGR adjusted EBITDA growth, €300 million industrial excellence benefit by 2027, low single-digit % CAGR volume growth, ~2x leverage with strong investment grade.
CapEx guided at €350 million for 2025, with investments in anchor sites, R&D centers, and sustainable technologies like low-bake powders and renewable energy. The company plans additional rationalizations in 2025 and 2026, reducing 2,200 positions for €150 million gross annual cost savings.
Strategic portfolio review in South Asia to explore partnerships, mergers, or divestments. Continued investments in high-growth markets like Asia, including expansions in Vietnam and China. Focus on Scope 3 carbon reduction through supplier engagement and product innovation, aiming for 50% reduction by 2030.
In sustainability, plans include water focus program in 2025 for top ten sites in high water stress areas, and replacing circular use target with waste disposal intensity rate from 2026.
Overall, AkzoNobel’s future plans emphasize profitable growth, operational efficiency, and sustainability to achieve carbon neutral by 2050.
