• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Additives Update

    Pigment Supplier Directory

    Interior Architectural Coatings

    Biocides Update

    Powder Coatings Market
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Video Bites
    Raw Materials & Equipment
    Suppliers News
    Live From Shows
    Top News
    PPG Reports Q4, Full-year 2020 Financial Results

    BASF Begins Implementing Ralignment of Global Business Services Unit

    Nouryon Appoints Curtis Espeland to Board of Directors

    AMETEK Brookfield Opens Media Room at US HQ

    PPG Directors Announce Quarterly Dividend of 54 Cents Per Share
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    AMETEK Brookfield Opens Media Room at US HQ

    AkzoNobel Supplying Powder Coatings for Landmark Water Pipeline in China

    IGL Coatings Launches Graphene Reinforced Dual System Ceramic Coating

    Miller Paint Declares Simple Serenity its 2021 Color of the Year

    TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes
    Additives
    Binders
    Pigments
    Solvents

    Active Minerals Announces Shipping Container Surcharge

    Huntsman Finalizes Acquisition of Gabriel Performance Products

    LANXESS Acquires Biocides Specialist INTACE

    dar-tech, inc. Becomes U.S. Midwestern Distributor for ZS Interpolymer

    OQ Chemicals Announces Carboxylic Acids Price Increase
    Buyers Guide
    Company Capabilities
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Active Minerals

    Siltech Corporation

    Pilot Chemical Company

    Shepherd Color Company, The

    Keim Additec Surface USA LLC
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    The Waterborne Symposium (2021)

    Cleveland Coatings Society Zoom Meeting

    Surface Finishing Mexico 2021

    Cleveland Coatings Society Zoom Meeting

    Cleveland Coatings Society Zoom Meeting
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Eagle Specialty Products

    Shepherd Color Company, The

    Active Minerals

    Keim Additec Surface USA LLC

    Siltech Corporation
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    PPG Initiates Global Restructuring

    Targeting $170 million in annual savings.

    PPG Initiates Global Restructuring
    Related CONTENT
    • PPG Reports Q4, Full-year 2020 Financial Results
    • PPG Directors Announce Quarterly Dividend of 54 Cents Per Share
    • TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes
    • PPG Completes COLORFUL COMMUNITIES Project at School in A. Bangsaothong Samutprakarn, Thailand
    • Ezio Braggio Joins ChemQuest Europe
    Coatings World staff06.08.20
    PPG announced that it has approved significant and broad restructuring actions to reduce its global cost structure. The company cited weakened global economic conditions stemming from the COVID-19 pandemic and related pace of recovery in a few end-use markets, along with further opportunities to optimize supply chain and functional costs.
     
    When completed, the company expects the planned actions will deliver $160 to $170 million in annual pre-tax cost savings, with approximately $25 to $35 million of savings projected in 2020. The remainder of the annual cost savings is anticipated to be substantially realized by year-end 2021. The plan includes a voluntary separation program that was offered in the U.S. and Canada.
     
    “Given the broad economic impact relating to the COVID-19 pandemic and the recovery timeline in a few end-use markets, we are taking decisive action to further adjust our cost base,” said Michael H. McGarry, PPG chairman and CEO. “These measures will enable the company to come out of the crisis with lower structural costs. As a result of these actions, along with continued discretionary cost controls, we expect strong operating margin leverage as economic activity continues to improve. Despite efforts to reduce our total costs, we remain committed to continuing our investments in growth-related initiatives, including fully funding our research and development for products, services and digital capabilities that will drive long-term growth.”
     
    PPG will record a restructuring charge of $160 to $180 million pretax, $125 to $140 million after-tax, or $0.52-$0.58 cents per diluted share, in the second quarter 2020, which is nearly all related to employee severance. The company will also incur other associated restructuring-related costs of approximately $10 million over future quarters. The total cash outlay to complete these actions is approximately $180 million, with about $110 million expected in 2020 and the remainder in 2021. The cash outlay includes capital expenditures to relocate certain operational activities. 
     
    Separately, while the COVID-19 pandemic continues to affect business demand, the aggregate impact and pace of recovery are consistent with the company’s expectations noted during its April 28 earnings teleconference. This includes strong demand for architectural do-it-for-yourself coatings, aerospace applications for military programs, and packaging coatings, but which has been more than offset by soft demand for commercial aerospace, automotive original equipment manufacturer (OEM), automotive refinish, architectural do-it-for-me and certain general industrial coatings end uses.
     
    In aggregate, company sales volumes were lower versus the prior year in April by approximately 35 percent. The company saw continued improvement throughout the month of May, with aggregate monthly sales down less than 30 percent versus 2019. Volume results in both months were modestly better than the company originally forecasted. These results include higher year-over-year volumes in China and sequential monthly improvement of net sales in both the U.S. and Europe. Further sequential improvement is expected in June reflecting higher run-rate demand levels exiting May and additional reopening of economic activity across the world.
     
    The company will provide further details during its second-quarter earnings update in July.
    Suggested For You
    PPG Reports Q4, Full-year 2020 Financial Results PPG Reports Q4, Full-year 2020 Financial Results
    PPG Directors Announce Quarterly Dividend of 54 Cents Per Share PPG Directors Announce Quarterly Dividend of 54 Cents Per Share
    TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes
    PPG Completes COLORFUL COMMUNITIES Project at School in A. Bangsaothong Samutprakarn, Thailand PPG Completes COLORFUL COMMUNITIES Project at School in A. Bangsaothong Samutprakarn, Thailand
    Ezio Braggio Joins ChemQuest Europe Ezio Braggio Joins ChemQuest Europe
    PPG Launches Traffic Solutions Business Following Ennis-Flint Acquisition PPG Launches Traffic Solutions Business Following Ennis-Flint Acquisition
    Interior Architectural Coatings Interior Architectural Coatings
    PPG Appoints Bhaskar Ramachandran VP, Chief Information Officer PPG Appoints Bhaskar Ramachandran VP, Chief Information Officer
    PPG Acquiring Global Coatings Manufacturer Wörwag PPG Acquiring Global Coatings Manufacturer Wörwag
    Q&A: PPG Q&A: PPG's Amy Mercante
    PPG, Tikkurila Agree on Revised Offer PPG, Tikkurila Agree on Revised Offer
    PPG Appoints Tony Wu as VP, Greater China Industrial Coatings, Global Electronic Materials PPG Appoints Tony Wu as VP, Greater China Industrial Coatings, Global Electronic Materials
    PPG Acquiring Coatings Manufacturer VersaFlex PPG Acquiring Coatings Manufacturer VersaFlex
    NHL NHL's Pittsburgh Penguins Announce PPG as Official Helmet Entitlement Partner for 2020-21
    PPG Completes Acquisition of Global Coatings Manufacturer Ennis-Flint PPG Completes Acquisition of Global Coatings Manufacturer Ennis-Flint

    Related Breaking News

    • Breaking News | Financial News
      PPG Reports Q4, Full-year 2020 Financial Results

      PPG Reports Q4, Full-year 2020 Financial Results

      Fourth quarter net sales of approximately $3.8 billion, more than 2% higher than the prior year.
      01.22.21

    • Breaking News
      BASF Begins Implementing Ralignment of Global Business Services Unit

      BASF Begins Implementing Ralignment of Global Business Services Unit

      Transfer of responsibilities and tasks to service centers starts in March 2021.
      01.22.21

    • Breaking News | People in the News
      Nouryon Appoints Curtis Espeland to Board of Directors

      Nouryon Appoints Curtis Espeland to Board of Directors

      Former Eastman CFO Espeland will also chair the Company’s Audit Committee.
      01.22.21


    • Breaking News | Laboratory Equipment | Production Equipment
      AMETEK Brookfield Opens Media Room at US HQ

      AMETEK Brookfield Opens Media Room at US HQ

      Will be used for new video content and live productions, including online courses, how-to videos, webinars, and more.
      01.22.21

    • Breaking News | Financial News
      PPG Directors Announce Quarterly Dividend of 54 Cents Per Share

      PPG Directors Announce Quarterly Dividend of 54 Cents Per Share

      Payable March 12 to shareholders of record Feb. 19.
      01.21.21

    • Breaking News | Paint & Coatings Manufacturer News | Product news
      Axalta Launches 2 Imron Elite products

      Axalta Launches 2 Imron Elite products

      New direct-to-plastic basecoat reduces the number of steps in the coating process.
      Coatings World staff 01.21.21


    • Breaking News | Financial News
      Asian Paints Announces Q3 FY2020-21 Results

      Asian Paints Announces Q3 FY2020-21 Results

      Consolidated Revenue from operations for the quarter increases by 25.2%.
      01.21.21

    • Additives | Breaking News | Price Increases
      Active Minerals Announces Shipping Container Surcharge

      Active Minerals Announces Shipping Container Surcharge

      Temporary $300 per container surcharge on all exported products effective Feb. 1, 2021.
      01.21.21

    • Breaking News | Paint & Coatings Manufacturer News | Powder Coatings
      AkzoNobel Supplying Powder Coatings for Landmark Water Pipeline in China

      AkzoNobel Supplying Powder Coatings for Landmark Water Pipeline in China

      Involves providing high-performance Resicoat R2 coatings for the Pearl River Delta water resource allocation project
      Coatings World staff 01.21.21


    • Breaking News | Product news | Special Purpose Coatings
      IGL Coatings Launches Graphene Reinforced Dual System Ceramic Coating

      IGL Coatings Launches Graphene Reinforced Dual System Ceramic Coating

      Ecocoat Quartz+ is reinforced with graphene nanoplatelets for enhanced durability of up to 4 years.
      Coatings World staff 01.20.21

    • Architectural Coatings | Breaking News | Color Trends & Forecast
      TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes

      TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes

      Paint brand releases 2021-22 color report, new home-grown palettes for Australia.
      Coatings World staff 01.20.21

    • Architectural Coatings | Breaking News | Color Trends & Forecast | Paint & Coatings Manufacturer News
      Miller Paint Declares Simple Serenity its 2021 Color of the Year

      Miller Paint Declares Simple Serenity its 2021 Color of the Year

      Simple Serenity highlights a value shift from heavy and dark blues to lighter and happier tones, per Miller Paint.
      Coatings World staff 01.20.21


    • Additives | Breaking News | Industry News
      Huntsman Finalizes Acquisition of Gabriel Performance Products

      Huntsman Finalizes Acquisition of Gabriel Performance Products

      Gabriel acquired for $250 million.
      Coatings World staff 01.19.21

    • Breaking News | Paint & Coatings Manufacturer News
      PPG Completes COLORFUL COMMUNITIES Project at School in A. Bangsaothong Samutprakarn, Thailand

      PPG Completes COLORFUL COMMUNITIES Project at School in A. Bangsaothong Samutprakarn, Thailand

      PPG provided more than $6,400 (nearly 192,000 Thai baht) in products and services.
      Coatings World staff 01.19.21

    • Breaking News | Financial News
      Axalta Schedules Q4, Full Year 2020 Earnings Conference Call

      Axalta Schedules Q4, Full Year 2020 Earnings Conference Call

      After the close of trading on Wednesday, Feb. 3.
      Coatings World staff 01.19.21

    Trending
    • BASF Begins Implementing Ralignment Of Global Business Services Unit
    • PPG Reports Q4, Full-year 2020 Financial Results
    • AkzoNobel Supplying Powder Coatings For Landmark Water Pipeline In China
    • Raw Material Price Increases Pile Pressure On Paint Manufacturers
    • AkzoNobel Proposes To Acquire Tikkurila For €31.25 Per Share
    Breaking News
    • PPG Reports Q4, Full-year 2020 Financial Results
    • BASF Begins Implementing Ralignment of Global Business Services Unit
    • Nouryon Appoints Curtis Espeland to Board of Directors
    • AMETEK Brookfield Opens Media Room at US HQ
    • PPG Directors Announce Quarterly Dividend of 54 Cents Per Share
    View Breaking News >
    CURRENT ISSUE

    January 2021

    • Additives Update
    • Pigment Supplier Directory
    • Interior Architectural Coatings
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    NIH Study Compares Low-Fat, Plant-based to Low-Carb, Animal-Based Diet
    Gadot Positions Mineral Line for Vegan Market
    Nutritfy India to Launch Global Broadcast Channel Covering Nutrition
    Coatings World

    Latest Breaking News From Coatings World

    LINE-X Launches Dealer Program with International Truck
    PPG Reports Q4, Full-year 2020 Financial Results
    BASF Begins Implementing Ralignment of Global Business Services Unit
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    Cretex Companies CEO Steps Down
    Data Show Porex's Medical Device Filtration Materials Protect Against Virus, Bacteria Spread
    Endoscopic Hemostasis Devices Market Valued at $730 Million
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Pfizer, BioNTech Enter Vax Pact with COVAX
    FDA Approves Janssen’s CABENUVA
    AGC Biologics Appoints Boulder Site GM
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Coty Appoints Chief Procurement Officer
    Lageen Tubes Launches Mono-Material PE Tube Solutions
    Jason Jones Loses Battle with Covid-19
    Happi

    Latest Breaking News From Happi

    Carol’s Daughter Adds New Hair Products
    Moroccan Gold Series Launches NuDo Shampoo
    Youbody Debuts Waterless Body Wash
    Ink World

    Latest Breaking News From Ink World

    BOBST Demonstrates Future of Flexible Packaging Production at Virtual Open House
    Morancé Soudure France Adds Comexi F2 MC 10-color Flexo Press
    AR Packaging Acquiring Firstan Holdings Ltd
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Gallus planning virtual event for March
    Lemu Group engineers mask-making machine
    Niagara Label upgrades with Nilpeter flexo press
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Freudenberg to Establish Apparel Interlining Competence Centers
    Minet Adds Spunlace Line in Romania
    Lemu Group Engineers Mask-Making Machine
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Cretex Companies CEO Steps Down
    Conformis Enters Development & Supply Agreement with SITES Medical
    Sectra, RSA Biomedical Sign Distribution Agreement for Implant Stability Tool
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    UDC Subsidiary Adesis' Website Wins 2020 MarCom Platinum Award
    Ambiq Wins IoT Semiconductor Company of the Year Award
    Ynvisible Names Michael Robinson CEO, Jani-Mikael Kuusisto SVP Ventures

    Copyright © 2021 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login