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PPG, a global manufacturer of paints, coatings and specialty materials, is laying off nearly 2,000 employees as it cuts operating costs and sells part of its construction business.
The layoffs primarily affect approximately 1,800 positions in the United States and Europe. PPG has not disclosed the timing of the layoffs.
The Pittsburgh, Pennsylvania-based company said this is part of a comprehensive cost-cutting program focused primarily on reducing structural costs and other corporate costs in Europe and some other global operations. said. The program also includes the closure of various facilities.
Several companies announced layoffs this summer.
PPG said the job cuts are part of a comprehensive cost-cutting program. (Jasper Juinen/Bloomberg via Getty Images/Getty Images)
PPG CEO Tim Knavish said in a statement, referring to the company's recently announced plan to sell silica, saying, “While these decisions are difficult, we have adjusted our fixed cost base to This is necessary to optimize the size of the company.” product and architectural coatings businesses in the United States and Canada;
The company announced that it has reached an agreement to sell its architectural coatings business in the United States and Canada. (Jasper Juinen/Bloomberg via Getty Images/Getty Images)
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Knavish added: “None of these actions will impact our ongoing investments or focus on organic growth.”
PPG's job cuts will affect approximately 1,800 jobs in the United States and Europe. (Jasper Juinen/Bloomberg via Getty Images/Getty Images)
The company announced that it has reached an agreement to sell its U.S. and Canadian architectural coatings business, which accounted for $2 billion of PPG's total net sales in 2023, to private equity firm American Industrial Partners (AIP).
The deal is valued at $550 million and is expected to close in late 2024 or early 2025.
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PPG's architectural coatings business in the United States and Canada manufactures and sells interior and exterior paints, stains, caulks, refinish products, adhesives and sealants to homeowners and professionals. Its portfolio of brands included Glidden, Olympic, Manor Hall and Liquid Nails.
