Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

PPG Plans Global Cost Cuts

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

PPG Plans Global Cost Cuts

Article excerpt

PPG plans a broad cost-cutting program throughout its global operations that will generate annual savings of between $120 million and $130 million.

The Downtown-based paint and coatings producer said Friday the restructuring will result in a fourth-quarter pretax charge of $190 million to $200 million, or 53 cents to 58 cents per share.

The plan includes cutting some 1,700 jobs, or about 3.6 percent of PPG's worldwide workforce of about 47,000.

"So there is expected to be minimal overall impact to any specific region," said Mark Silvey, a PPG spokesman.

PPG's shares closed at $99.30, down 11 cents.

The company said its restructuring actions "are focused on certain regions and end-use markets where business conditions are weakest" and would include cuts in operations and administration. …

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