The company will cut approximately 1,500 jobs in its performance coatings business as a result. The site closures and job cuts are part of a plan to reduce costs and improve competitiveness across segments, the company said. The job cuts represent 2.5% of the company’s workforce.
The company forecasts a one-time restructuring charge of up to $165 million, with additional costs of up to $55 million over the next 12 months.
Overall, the cuts will reduce annual costs by up to $165 million, the company said.