PPG cut 1100 jobs, part restructuring
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PPG to cut 1100 jobs, part of restructuring

9:47 AM, 30th April 2018
PPG headquarters building in Pittsburgh. (File photo)
PPG headquarters building in Pittsburgh. (File photo)

PITTSBURGH, US: PPG Industries said that it will lay off about 1,100 people and take a pretax restructuring charge of between $80 million and $85 million in the second quarter.

The Pittsburgh-based firm disclosed its plans in a filing made with the Securities and Exchange Commission. The company employs about 47,200 worldwide, and the announced job cuts equate to about 2 percent of its workforce.

The company approved a business restructuring plan after North Carolina-based Lowe's that it would stop selling PPG's Olympic brand paints and stains. PPG also cited ongoing price increases for raw materials.

PPG said about $75 million to $80 million of the total restructuring charges will be for employee severance and other cash costs. The restructuring is expected to be finished by June 2019.

© Associated Press

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