The increased revenue saw volumes up 26%, mainly due to strong end market demand. Price/mix was up 1%, while acquisitions added 2%. Net cash from operating activities was €168 million, down from Q2 2020’s €308 million.
“We’re very proud of our teams for delivering another strong quarter, including top line growth, despite the significant raw material headwinds impacting our industry,” AkzoNobel CEO Thierry Vanlancker said. “In view of the ongoing raw material inflation, we continue to take firm and necessary actions on pricing initiatives and maintaining our cost discipline, while remaining focused on serving our customers.
“Our People. Planet. Paint. approach to sustainability has again been recognized with the highest possible ESG rating (AAA) from MSCI for the sixth consecutive year, making us the frontrunner in paints and coatings,” added Vanlancker.
AkzoNobel has made a significant move in South and Central America, having agreed to a deal to acquire Colombia-based Grupo Orbis.
“We’re further expanding our position in South and Central America after reaching an agreement to acquire Colombia-based paints and coatings company Grupo Orbis,” said Vanlancker. “Present in ten countries in South America, Central America and the Antilles, the deal will establish us as a frontrunner in the Andean region and in Central America, where several countries are high on the global growth rankings for the next decade.”
Vanlancker also spoke about creating a more sustainable yacht industry.
“Our Yacht Coatings business has partnered with the Water Revolution Foundation to help create a more sustainable yacht industry and protect the world’s oceans,” he observed. “Having already made a long-term commitment to bring positive change to the industry, the business will share its expert knowledge and insight, which has been acquired over many decades of developing pioneering solutions for customers around the world. Established in 2018, the Water Revolution Foundation is a not-for-profit organization working to preserve the world’s oceans by helping the yacht industry to drive down its environmental impact.
Vanlancker reported that two major projects to install nearly 8,000 solar panels are being finalized in China, helping Akzo Nobel to accelerate its ambition of cutting carbon emissions in half by 2030.
“Being installed at two Decorative Paints plants – more than 5,000 at our Shanghai site and almost 3,000 in Guangzhou – it represents further progress for our greener manufacturing plans. The new solar systems will become the primary source of power at each location,” he added.