28 January 2009 23:32 [Source: ICIS news]
(Adds company comments, updates throughout)
HOUSTON (ICIS news)--PPG Industries was considering more job cuts and restructuring, the US chemicals, coatings and glass producer said on Wednesday.
PPG said company chairman and CEO Charles Bunch told reporters that the first half of 2009 were “likely to continue to be marked by difficult market conditions” and that the company would “monitor business conditions to determine if further restructuring might be necessary”.
When asked if potential job losses at PPG as a result of 2008 and potential 2009 restructuring initiatives could reach 10% of its total work force, Bunch said that estimate “would be at the high end”, PPG said.
Bloomberg reported that the company may cut up to 4,500 jobs.
No restructuring plans have been announced this year but Bunch indicated that PPG will “continue to evaluate various options and measures for reducing costs in 2009 to address the declining economic conditions in North America and ?xml:namespace>
In September, the company announced employment reductions, plant closures and shutdowns in order to save $100m (€76m) amid continued weakness in the North American housing and automotive markets.
($1 = €0.76)
Additional reporting by Stefan Baumgarten
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