Dutch paint maker AkzoNobel said on Tuesday it is to cut 2,000 jobs worldwide as part of a programme to “reduce cost and to enhance the efficiency of its functions”

The move is aimed at streamlining the management structure and offset rising labour costs, chief executive Greg Poux-Guillaume said in a short statement. AkzoNobel is the owner of brands such as Dulux and Sikkens.

The job losses will be finalised by the end of next year. The company did not say how many jobs will go in Amsterdam, where the company has its global headquarters. AkzoNobel, which has a workforce of some 35,000, is active in 150 countries.

The company booked net profit of €488 million last year on sales of €10.7 billion.