Axalta Releases First Quarter 2020 Results, Provides Update on COVID-19 Impacts
PHILADELPHIA — Axalta Coating Systems Ltd. announced its financial results for the first quarter ended March 31, 2020, and provided an update regarding the impact of the COVID-19 pandemic on its business, employees, customers and shareholders as well as Axalta's current and planned management of such impacts.
Robert W. Bryant, Axalta's President and CEO, commented, "Our hearts go out to all those affected by the coronavirus globally and specifically in the local communities where our employees and customers live, work, and raise their families. We continue to focus first of protecting their health, safety and wellbeing. In support of designated essential customer activities, our manufacturing sites continue to meet customer demand with operating procedures implemented to maintain social distancing and increased sanitizing procedures. Our supply chain remains stable, and we are mitigating potential risks in close coordination with our suppliers. Nonetheless, there have been notable demand impacts in countries impacted by COVID-19, with the majority of our customers experiencing demand declines, with the possibility of a phased recovery beginning gradually in coming weeks."