PPG eliminating 1,100 positions
PPG Industries, Inc. is undergoing a restructuring plan to reduce its global cost structure, according to a Securities and Exchange Commission filing by the Pittsburgh, Pa.-based company.
The move will result in the reduction of 1,100 positions and is expected to be completed by the end of second quarter 2019, the company reported.
The plan includes a pretax restructuring of $80 to $85 million during the second quarter, including $75 million to $85 million in employee severance.
PPG said in the filing that the restructuring plan is “a response to a customer assortment change in its U.S. architectural coatings business” along with elevated raw material inflation. “The program aims to further right-size employee and production capacity in certain businesses based on current product demand,” the company said.
Lowe’s told PPG two months ago that it would no longer carry the paint and coatings manufacturer’s Olympic brand paints and stains in its U.S. stores, effective mid-2018.
Earlier this month, PPG and Home Depot expanded their partnership to include Olympic brand stains in all of the retailer’s U.S. locations. The move includes Olympic Maximum, Elite, and Waterguard products, which will be available at most Home Depot locations by the end of the second quarter 2018.
The move will result in the reduction of 1,100 positions and is expected to be completed by the end of second quarter 2019, the company reported.
The plan includes a pretax restructuring of $80 to $85 million during the second quarter, including $75 million to $85 million in employee severance.
PPG said in the filing that the restructuring plan is “a response to a customer assortment change in its U.S. architectural coatings business” along with elevated raw material inflation. “The program aims to further right-size employee and production capacity in certain businesses based on current product demand,” the company said.
Lowe’s told PPG two months ago that it would no longer carry the paint and coatings manufacturer’s Olympic brand paints and stains in its U.S. stores, effective mid-2018.
Earlier this month, PPG and Home Depot expanded their partnership to include Olympic brand stains in all of the retailer’s U.S. locations. The move includes Olympic Maximum, Elite, and Waterguard products, which will be available at most Home Depot locations by the end of the second quarter 2018.