AkzoNobel severely affected by COVID crisis

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The worst problems caused by the corona virus have been over for paint manufacturer AkzoNobel. The impact of the virus outbreak will be greater in the second quarter than in the first three months of the year, when only Asia was affected.

In April, AkzoNobel’s turnover was 30 percent lower than a year earlier, in May it was 20 percent lower and in June the paint maker sees a recovery. The distribution channels in Europe and China for the Decorative Paints department have largely reopened. There are still problems in the rest of Asia and in South America.

The recovery for the Performance Coatings division is somewhat slower. The branches that are involved in paints for the car and aviation industry have become more severe.

AkzoNobel will publish its second quarter results next month.

About the author

Maurice Eisma

Maurice Esma, a co-founder of EconomicInform is a freelance journalist with the expertise in international finance and corporate rights. The author can be reached by email [email protected]

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