AkzoNobel Will Close Its Three European Manufacturing Site

AkzoNobel has decided to close its three European Manufacturing sites. The company deals in the manufacturing of paints and coatings. They have targeted both the industry and the consumers worldwide since 1972. The company runs successfully in Europe along with countries like India as well. The company has specially dedicated websites to cater for all countries where it has its existence. The question now arises as to why the company is closing its three effective manufacturing sites.

AkzoNobel Will Close These Three European Manufacturing Sites

AkzoNobel will be closing these three European Manufacturing sites. They are Groot-Ammers in the Netherlands, Crok in Ireland, and Lusaka in Zambia. The company is taking the decision after so many discussions. The process of the closures is still having a lot of discussions with the employees and the social partners associated with these manufacturing sites. AkzoNobel has informed everyone about working or associated with the sites about the closures. The steps following closure will take place soon.

The company takes care of its workers and the associated partners. They have worked in association till now. While the public is going on curiosity about the reasons behind its closures. The company mentioned on its official website the closures mentioning some priorities and the commitments as the core reason. AkzoNobel prefers to work on the further expansion of the company. The company wanted to increase its productivity in the units having more capacity to scale up with high-cost efficiencies. Thus, it will help the company to re-focus on the areas with more growth potential.

The company is going to take up the responsibility for the further growth to make the best for the current financial year. The paint and the coatings company might further add some new products. They focus on improving their quality regularly. Akzo is one of the best in its field. Thus, to conclude, the company is going to close its three European manufacturing sites. The main reason behind this was its low scaling capability and the increasing competition. There has been increasing demand for their services. The company recently released its quarter results for the Indian subsidiary.

AkzoNobel increased its revenue by 4% in the Q4 FY 24. While the PAT (Profit After Tax was up by 27% to Rs. 426.7 Crores. The company distributed dividends to its shareholders for Rs. 426.7 Crores. Thus, the revenue now reaches Rs. 3,961.6 Crores. The company has another brand name in India known as Dulex which is prominent in the country.