On Thursday, PPG Industries (NYSE: PPG), the paints and coatings maker, said it would lay off 1,800 employees in the United States and Europe and close various facilities as part of its cost-reduction program.
Shares of the Pittsburgh, Pennsylvania-based company were up 0.58% before the bell.
PPG expects annualized pre-tax savings of about $175 million, including $60 million in 2025, once the program is fully implemented.
The company said it would record a pre-tax charge of $250 million in the fourth quarter of 2024.
PPG also announced that it would sell its architectural coatings business in the U.S. and Canada to American Industrial Partners for about $550 million.
(Source: Reuters)
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
