PPG Industries to Cut 1,800 Jobs and Sell Architectural Coatings Business

The Pittsburgh-based paint company is implementing a cost-reduction plan, including facility closures and divestitures, amid disappointing earnings.

PPG Industries plans to lay off 1,800 employees primarily in the U.S. and Europe as part of a multiyear cost-reduction program.
The company will close various facilities and expects to save $175 million annually once the program is fully implemented.
PPG has agreed to sell its U.S. and Canadian architectural coatings business to American Industrial Partners for $550 million.
The layoffs and divestiture follow a disappointing earnings report, with third-quarter results falling short of Wall Street expectations.
Despite the cuts, PPG remains focused on organic growth and optimizing its portfolio in stronger business areas.