Issue Date: April 16, 2012
PPG Will Cut 2,000 Coatings Jobs
PPG Industries plans to cut 2,000 jobs, mostly in its European architectural coatings business. The firm says it will take a one-time $208 million charge against earnings to account for the cuts and the write-off of unspecified assets. The move will save the firm about $140 million annually. Many of the employees joined PPG with its $3.2 billion acquisition of the Netherlands-based SigmaKalon in 2008 and the $115 million purchase of Danish paint maker Dyrup earlier this year. Separately, PPG will take a $160 million charge for environmental remediation activities at a former Jersey City, N.J., plant. The firm plans to submit a final remediation plan soon to the state.
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