In September, Akzo said it would cut 3,500 jobs by 2011, representing approximately 12% of its work force. So far it has carried out 1,660 of those cuts.
Akzo’s decorative paint business, which sells paint for the home and features brands such as Dulux, Glidden, Flexa and Sikkens, showed a 41% decline in operating profit to €41 million, with a 13% fall in sales in Europe, its largest market.
“In the fourth quarter we experienced a slowdown in many previously fast-growing emerging markets,” the company said in a statement. In the U.S. it said both professional and DIY sales volumes were down “significantly” again.
AkzoNobel said that operating profits fell 19% to €89 million at its performance coatings division, which makes industrial paints used on cars, ships, planes and construction.