The 2023 Global Top 10: No. 3 AkzoNobel
3. AkzoNobel
Amsterdam
31.20.502.7833
CEO/Chairman of the Board of Management: Greg Poux-Guillaume
2022 Coatings Sales: Approx. $11.58 billion USD (€10.85 billion)
With operations in more than 150 countries, AkzoNobel is a leader in the manufacture of paints and coatings. In 2022, the company recorded an increase in net sales of 13%, up from €9.59 billion in 2021 to €10.85 billion in 2022. The company reported 2022 revenue in each region of the world as the following: Europe, Middle East and Africa (EMEA) — 46%; North Asia — 16%; South Asia Pacific — 13%; North America — 13%; and South America — 12%. Volumes were 7% lower, mainly due to destocking in the distribution channels in Decorative Paints in Europe and in Performance Coatings, as well as the impact from COVID-19 in China. Furthermore, volumes were negatively impacted by supply constraints, especially in North America.
AkzoNobel has two business units: Decorative Paints and Performance Coatings. In 2022, revenue from third parties in the Decorative Paints segment was €4.37 billion compared to €3.98 billion in 2021, up 10%. Revenue from third parties in the Performance Coatings segment was €6.47 billion in 2022, compared to €5.6 billion in 2021, up 16%.
Notes: In April 2022, AkzoNobel completed the acquisition of Colombia-based paints and coatings company Grupo Orbis. A provisional purchase price allocation is included in the figures and will be finalized in Q1 2023. Grupo Orbis results as from the acquisition date are included in the Decorative Paints Latin America business unit, and under Other in Performance Coatings. The allocation of revenues to the Decorative Paints and Performance Coatings segments is based on the nature and products of the underlying activities. Further allocation of revenues to business unit level within the Performance Coatings segment will be available as from Q1 2023.
On December 1, 2022, AkzoNobel completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH. Lankwitzer results as from the acquisition date are included in the Powder Coatings business unit in Performance Coatings.
On June 1, 2022, AkzoNobel announced the intention to acquire Kansai Paints’ activities in Africa, with an enterprise value of approximately €0.5 billion. The company expects to complete the acquisition in the second half of 2023.
Source: AkzoNobel Annual Report, press releases
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