PPG Industries Announces 1,800 Job Cuts

PPG Industries has announced plans to lay off 1,800 employees primarily in the U.S. and Europe, alongside closing several facilities as part of a cost-reduction strategy. The company is also selling its architectural coatings business, which includes well-known brands such as Glidden and Olympic, to private equity firm American Industrial Partners for approximately $550 million, with the deal expected to close by late 2024 or early 2025. These actions are aimed at reducing structural costs and align with PPG's broader strategy following a disappointing earnings report that fell short of Wall Street expectations. PPG anticipates annual pre-tax savings of around $175 million from these measures, including $60 million in 2025. Additionally, the company plans to record a pre-tax charge of $250 million in the fourth quarter of 2024 as it implements these changes.