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Earnings

Dutch paints maker Akzo Nobel drops outlook as coronavirus bites

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AMSTERDAM (Reuters) - Dutch paints and coatings maker Akzo Nobel AKZO.AS said on Tuesday it had dropped its outlook for 2020, as the fallout of the global coronavirus outbreak will have a significant impact on its results.

Demand in the second quarter will be “significantly below any of our previous expectations”, Chief Executive Thierry Vanlancker said, adding that measures to limit the coronavirus outbreak had an impact on its factories around the world.

The maker of Dulux paints previously had guided for an increase of its return on sales to 15% this year, up from 12% in 2019.

That goal would be restored “once markets normalize”, Vanlancker said.

Reporting by Bart Meijer, editing by Louise Heavens

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