Axalta Coating Systems Ltd. (NYSE:AXTA) announced net sales of $652.7 million, down 43.6% year-over-year, for its second quarter ended June 30 in the wake of the pandemic. The company also provided an update regarding the ongoing impact of the coronavirus (COVID-19) pandemic on its business, employees, customers, and shareholders and related mitigation actions taken and planned. The company also announced the initiation of a global restructuring of its business to better position Axalta for sustained growth.
Second quarter sales included a 2.8% negative foreign currency impact and 1.1% negative year-over-year impact from the sale of a China joint venture interest
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