Sept 24 Reuters Dulux paint maker Akzo Nobel plans to cut about 2,000 jobs globally, more than 5 of its workforce, as part of its efforts to reduce costs, targeting positions in its head offices, the Dutch company said on Tuesday.

We will be simplifying our structure, our processes, reducing cost of administrative functions, Akzo Nobel39;s senior spokesperson told Reuters, with positions in finance or global business services at the head offices to be affected.

Akzo Nobel, which had around 35,700 employees as of June 30, said the job cuts would be finalised by the end of 2025.

The Amsterdamlisted group late last year announced a cost saving industrial transformation plan, aiming for a 250 million euros 278 million benefit by 2027, following a postCOVID slowdown marked by rising raw material costs and customer destocking in its decorative doityourself segment in Europe.

Related to this, it announced plant closures in May in Ireland, the Netherlands and Zambia.

The Akzo Nobel shares have dropped around 21 so far this year, mirroring an industrywide slump, with rivals PPG and Nippon Paint down 14.9 and 20.9 respectively.

American paint maker SherwinWilliams, which raised its fullyear earnings forecast in July supported by higher pricing and increased sales, has meanwhile gained more than 22 yeartodate, an outlier in an otherwise sluggish environment.

Akzo did not have a specific estimate on how much costs would be saved with the job cuts, the spokesperson said,…