PPG Plans Cost Reduction Program With Anticipated Annualized Pre-tax Savings Of $175M Once Fully Implemented, Including Savings Of $60M In 2025; Expects Plan To Impact About 1,800 Positions, Primarily In Europe & US
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PPG Industries plans a cost reduction program with expected annualized pre-tax savings of $175 million, impacting about 1,800 positions mainly in Europe and the US. The program follows agreements to sell certain business units and includes facility closures.
October 17, 2024 | 11:08 am
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PPG Industries is implementing a cost reduction program targeting $175M in annual savings, affecting 1,800 jobs. This follows the sale of its silicas and architectural coatings businesses.
The cost reduction program is expected to improve PPG's financial performance by reducing structural costs and optimizing operations. The sale of non-core businesses aligns with this strategy, potentially leading to a positive short-term impact on stock prices.
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