PPG reports higher profit, plans 2000 job cuts

PPG reports higher profit, plans 2000 job cuts

11:31 AM, 6th April 2012
PPG reports higher profit, plans 2000 job cuts

PITTSBURGH, US: PPG Industries, reported first-quarter profit that exceeded analysts’ estimates after seeing increased demand from the aerospace and automotive markets. Profit was 2 cents to 7 cents a share. Excluding costs related to job cuts in Europe and the clean-up of a contaminated New Jersey site, earnings were $1.75 to $1.80. The company plans to eliminate 2,000 employees, mostly at its European coatings business. The job cuts and other restructuring activities will cost about $208 million before tax and will save about $140 million a year, including $40 million to $50 million this year. The company added $160 million to reserves for state- mandated remediation in New Jersey and expects to spend $100 million a year on the project for several years.

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