Check out what’s clicking on FoxBusiness.com.
PPG — a global manufacturer of paints, coatings, and specialty materials — is laying off nearly 2,000 workers as it trims operation costs and sells off a chunk of its architectural business.
The cuts will impact about 1,800 positions, primarily in the U.S. and Europe. PPG didn’t disclose when the layoffs would occur.
The Pittsburgh-based company said it is part of a comprehensive cost reduction program focused on reducing structural costs primarily in Europe and in certain other global businesses, along with other corporate costs. The program also includes various facility closures.
LAYOFFS ANNOUNCED AT MULTIPLE COMPANIES THIS SUMMER
PPG said the job cuts are part of a comprehensive cost reduction program. (Jasper Juinen/Bloomberg via Getty Images / Getty Images)
“While these decisions are difficult, they are necessary to adjust our fixed cost base and to right-size our company following these two business divestitures,” PPG CEO Tim Knavish said in a statement, referring to the company’s recently announced plans to sell its silicas products business and the architectural coatings business in the U.S. and Canada.
The company said it reached an agreement to sell its architectural coatings business in the U.S. and Canada. (Jasper Juinen/Bloomberg via Getty Images / Getty Images)
PARAMOUNT BEGINS LAYING OFF 15% OF WORK FORCE, HUNDREDS EXPECTED TO BE CUT
Knavish added that “none of these actions will impact our ongoing investments or focus on organic growth.”
PPG’s job cuts will impact about 1,800 positions in the U.S. and Europe. (Jasper Juinen/Bloomberg via Getty Images / Getty Images)
The company said it reached an agreement to sell its architectural coatings business in the U.S. and Canada — which accounted for $2 billion of PPG’s total net sales in 2023 — to private equity firm American Industrial Partners (AIP).
The transaction value was pegged at $550 million and is expected to close in late 2024 or early 2025.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
PPG’s architectural coatings business in the U.S. and Canada manufactures and sells interior and exterior paints, stains, caulks, repair products, adhesives and sealants for homeowners and professionals. Its portfolio of brands includes Glidden, Olympic, Manor Hall and Liquid Nails.