PPG Announces Restructuring, Job Cuts

PPG announced a restructuring plan involving 2,500 jobs cuts and closure of the company’s paint plant at Saultain, France. The company expects pre-tax savings of about $60 million for 2009 as a result of the restructuring, and $140 million annually in subsequent years. The moves, which were discussed during PPG’s fourth quarter earnings call in January, were undertaken in response to weak demand and the continually deteriorating global economy. Acceleration of cost-savings resulting from the 2008 SigmaKalon acquisition is included as part of the...

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