PPG Axes 1,700 Jobs As Part Of Global Restructuring
PPG Industries Inc. is trimming 4 percent of its global workforce as the world’s largest paint and coatings company tries to reduce costs related to a spate of recent acquisitions.
The Downtown-based company said it was cutting 1,700 jobs as part of a restructuring that also includes reducing production capacity. About 40 of PPG’s 2,500-person workforce in Pittsburgh will lose jobs, the company said.
PPG is aiming to achieve $100 million to $105 million in annual pretax savings by 2017 from the restructuring. Further details of the capacity reductions were not available, the company said.
PPG spent about $2.4 billion buying companies last year, part of a long-term strategy to grow through acquisitions.