Paint giant Akzo Nobel forecasts falling demand

Global paint giant Akzo Nobel will reduce production capacity, including possible job cuts, as high inflation dampens worldwide consumer demand for paint, Reuters reports. Akzo Nobel owns the Dulux brand globally but licenses it to PPG in Canada.

Paint manufacturers raised prices last year, blaming increased raw material costs. But analysts are warning of falling paint consumption in 2023, owing to economic concerns. “There’s clearly a need to adapt capacity. That involves job losses,” Akzo’s CEO Grégoire Poux-Guillaume told journalists in a call last week.