With operations in more than 150 countries, AkzoNobel is a leader in the manufacture of paints and coatings. In 2022, the company recorded a decrease in reported revenue of 2%, down from €10.85 billion in 2022 to €10.67 billion in 2023, although revenue was 5% higher in constant currencies. The company reported 2023 revenue in each region of the world as the following: Europe, Middle East and Africa (EMEA)—47%; North Asia—16%; South Asia Pacific—12%; North America—13%; and Latin America—12%. Volumes were flat for the year, and acquisitions added 2%.

AkzoNobel has two business units: Decorative Paints and Performance Coatings. In 2023, revenue from third parties in the Decorative Paints segment was €4.3 billion compared to €4.34 billion in 2022. Revenue from third parties in the Performance Coatings segment was €6.37 billion in 2023, compared to €6.5 billion in 2022.

Notes: In January of 2023, AkzoNobel announced that all its locations in North America are now operating on 100% renewable electricity, helping to drive the company’s ambition of reducing carbon emissions across the full value chain by 50% by 2030.

In May of 2023, AkzoNobel Packaging Coatings released a BPA-NI coating, Accelshield 700. The coating does not use BPA or bisphenol-based epoxies as part of its manufacturing process. It complies with both Food and Drug Administration (FDA) and EU regulations.

In June of 2023, the company received approval to supply its water-based refinish products to Porsche China.

In August of 2023, AkzoNobel completed the acquisition of the Chinese Decorative Paints business of Sherwin-Williams. The acquisition will further boost the company’s position in China and will allow further market segmentation and reinforce the company’s position outside of the premium segment. The business has an annual revenue of approximately €100 million and employs around 300 people. The transaction includes the Huarun decorative paints brand, which has a long history and is well recognized in China. News of the intended acquisition was first announced in April 2023.

In November of 2023, AkzoNobel and Kansai Paint mutually agreed not to proceed with the company's intended acquisition of Kansai's paints and coatings activities in Africa. Commenting on the decision, AkzoNobel CEO, Greg Poux-Guillaume, said, “It's disappointing that this intended acquisition cannot move forward, but we remain committed to our strong businesses and leading brands in Africa. As AkzoNobel’s performance rebound gathers pace, we'll remain focused on our key priorities, including the strengthening of our balance sheet, which will be accelerated.” The two companies have agreed that no break-up fee would be involved.

Also in November of 2023, AkzoNobel launched an industry-first architectural powder coating that can be cured at temperatures as low as 150 °C, while still being Qualicoat Class One certified.

In December of 2023, AkzoNobel’s Coil and Extrusion Coatings business signed a strategic agreement with China’s Wuxi El Pont Radiation Technology Co., Ltd. to develop a pioneering process that uses electron beams to cure coatings on metal substrates.  

Also in December, the company announced revolutionary software, called Flightpath, co-developed by AkzoNobel’s Powder Coatings business and coatingAI that uses artificial intelligence to help customers improve the application process and reduce their carbon footprint.

Source: Company contact, Annual Report, press releases