AkzoNobel makes paint almost 10% more expensive | Financial

That is a larger price increase than the paint manufacturer had previously reported.

Akzo’s competitors PPG and Sherwin-Williams also had to increase their prices this week, as they are also suffering from more expensive raw materials on the world markets.

Even with a sharp increase in the paint prices of its brands such as Sikkens and Flexa for businesses and ultimately consumers this quarter, AkzoNobel cannot offset the increased costs, AkzoNobel reported Thursday to analysts. That only works in the last months of the year.

€100 million less

As a result, turnover would be €100 million lower in this quarter. Investors had expected worse: the stock rose 2.7%. AkzoNobel says there is no drop in demand, it remains strong.

In the third quarter, the third-largest paint maker in the world is counting on 20% more costs. The buyers spend up to €290 million more on the raw materials.

AkzoNobel CEO Thierry Vanlancker told Bloomberg that he had already advised his customers to go to the paint store and now stock up at relatively low prices.

The CEO thinks that the shortage of raw materials will continue well into the second half of 2022.

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