2025 Year-in-Review! 44 Global Chemical Giants ‘Slim Down’: Plant Closures, Asset Sales, Layoffs...

【Answer 1】 In January, Ube Corporation (Japan) announced a fundamental restructuring of its core business, deciding to shut down production lines for cyclohexanone, nylon, caprolactam, and related products, and comprehensively adjust its strategic layout. In September, it announced an acceleration of the structural reform announced in January, advancing the timeline for scaling back and exiting its basic chemical business in Thailand—from “March 2027” to “March 2026”. 34. Zeon Corporation (Japan) In January, Zeon Corporation (Japan) decided to freeze for approximately two years its investment plan for its U.S. subsidiary Zeon Chemicals L.P.’s Texas plant—originally intended to produce lithium-ion battery binders scheduled to begin operations in 2026. 35. Hyosung Corporation (South Korea) In May, according to Eco Jiaxing, due to environmental concerns, Hyosung Spandex (Jiaxing) Co., Ltd.—located in the northern urban area of Jiaxing—had already shut down eight production lines by the end of 2023; two additional lines will be closed in July this year, another two by March 2026, and all remaining operations are slated for complete shutdown by the end of 2026. 36. SABIC In June, SABIC confirmed the permanent shutdown of its Olefins VI cracker facility located in Teesside, England, UK. The unit’s annual ethylene capacity is 865,000 tons and propylene capacity is 415,000 tons. SABIC has not disclosed specific layoff numbers; however, the site directly employs approximately 330 staff, with a similar number of contract workers. This shutdown follows SABIC’s April 2024 announcement of the permanent closure of its Olefins III cracker in Geleen, the Netherlands (with annual ethylene and propylene capacities of 550,000 tons and 325,000 tons, respectively), marking another step in its ongoing contraction of European operations. 37. AkzoNobel In January, AkzoNobel announced the restructuring of its French operations—including a €22 million investment to transform its Montataire plant into a flagship decorative coatings production facility—and plans to cut 211 jobs while creating 29 new positions. In May, AkzoNobel announced plans to close its manufacturing sites in Wapenveld (the Netherlands) and Machelen (Belgium), consolidating production into other regional facilities. Previously, it had already announced closures of three sites across Europe and Africa: Groot-Ammers (the Netherlands), Cork (Ireland), and Lusaka (Zambia). In November, AkzoNobel and Axalta Coating Systems Ltd. reached a definitive agreement to merge, which would create a global coatings company (AkzoNobel to hold 55% and Axalta 45%). In December, AkzoNobel completed the sale of its Indian subsidiary, AkzoNobel India Limited (ANIL), to India’s JSW Group. It also stated that it is selling its Pakistan business and expects further divestments in the future. Notably, in September last year, AkzoNobel announced plans to cut approximately 2,000 jobs globally by the end of 2025. 38. SGL Carbon In May, SGL Carbon decided to close its Lavradio production site in Portugal, which currently employs around 250 people and manufactures acrylic fibers and carbon fiber precursor. 39. Kraton Corporation On May 7, Kraton Corporation announced a strategic realignment of its business to sharpen focus on core capabilities and accelerate long-term growth.

AkzoNobel and Axalta Shareholders Approve Merger, Paving Way for New $17 Billion Entity

【Answer 2】 On August 5, AkzoNobel N.V. and Axalta Coating Systems Ltd. each held extraordinary general meetings (EGMs/SGMs) to vote on their proposed all-stock, merger-of-equals—a deal under discussion for over six months. That evening (Beijing time), the final voting results were officially announced: shareholders of both AkzoNobel and Axalta voted in favor of the merger. This positive outcome marks a critical milestone toward completing the transaction—sending ripples across the entire industry and setting a new chapter in the competitive landscape of the global coatings sector. In November 2025, AkzoNobel and Axalta signed a merger agreement, announcing their intention to combine via an all-stock, merger-of-equals structure. On May 27, 2026, the parties signed Amendment No. 1 to the Merger Agreement to optimize the planned merger structure— Under the original arrangement, AkzoNobel was to establish a new Bermuda-based subsidiary to merge with Axalta—which is also incorporated in Bermuda—with Axalta serving as the surviving entity. The amendment introduces a second Bermuda-based subsidiary as the direct parent of the original merger subsidiary, and adds a second-step merger: instead of merging directly with the original subsidiary, Axalta would merge into and be absorbed by this second subsidiary, which would continue operating as a wholly owned subsidiary of AkzoNobel. Aside from these structural and governance adjustments, all other terms of the original merger agreement remain unchanged—including arrangements for listing, rebranding, and establishing dual headquarters. If the merger receives regulatory approval, the two industry giants will integrate into a new entity with leading positions across architectural, industrial, automotive, powder, and marine protective coatings markets.

Axalta Amends Merger Agreement with AkzoNobel, Adds Second Subsidiary

May 28, 2026

Axalta Coating Systems amended its merger agreement with AkzoNobel to include a second subsidiary and clarify governance mechanics. The changes aim to optimize tax integration under Section 368(a) reorganization without altering shareholder tax consequences.

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Axalta Amends Merger Agreement with AkzoNobel, Adds Second Subsidiary

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Axalta, Akzo Nobel Refine Merger Structure and Governance

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