12 March 2009 20:03 [Source: ICIS news]
HOUSTON (ICIS news)--PPG Industries will cut 2,500 jobs globally in 2009 as part of a restructuring plan aimed at saving $140m (€109)/year due to weak end-market demand, the US-based chemicals, coatings and glass producer said on Thursday.
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“These are sweeping steps that will impact all of PPG’s business segments and regions,” said CEO Charles Bunch. “We are managing the company decisively through the current global economic downturn, with a focus on lowering our cost structure and retaining our strong liquidity position.”
Bunch said the most significant reductions in personnel and plants would take place in the company’s automotive OEM (original equipment manufacturers) coatings and industrial coatings units, which have been the worst hit by severe declines in global end-use market demand.
PPG also announced it would reduce its capital spending by about 50% from the $383m it spent in 2008.
PPG stock traded at $34.40/share on Thursday afternoon on the New York Stock Exchange, up 4.53% from Wednesday’s close.
($1 = €0.78)
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