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    Breaking News

    PPG Initiates Global Restructuring, Targeting $125 Million in Annual Savings

    ...

    Related Content
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    12.09.16
    PPG's board of directors approved significant and broad restructuring actions to reduce its global cost structure. The actions are focused on certain regions and end-use markets where business conditions are weakest, and they are targeting structural reductions in operating, functional and administrative costs.

    “Because of continued slow overall growth in global demand, we are taking decisive action to adjust our cost structure,” said Michael H. McGarry, PPG chairman and chief executive officer. “These measures will better align our resources with anticipated ongoing business conditions and will keep PPG competitive in the end-markets in which we participate. Even with this broad effort to reduce our total costs, we remain committed to continued investment in growth-related initiatives and in geographies with continued growth potential.”

    PPG will record a pretax restructuring charge of $190 million to $200 million, or 53-58 cents per diluted share, in the fourth quarter 2016, of which approximately $140 million represents cash costs and $50 million to $60 million is related to the write-down of certain assets and other non-cash costs. Of the approximately $140 million total cash outlay, about $110 million is expected in 2017, with the balance to occur in 2018.

    In addition to the aforementioned pretax charge and cash costs, approximately $15 million of incremental restructuring-related cash costs are expected during 2017, for certain items that are required to be expensed on an as-incurred basis.

    When completed, the company expects the restructuring actions to generate $120 million to $130 million in annual savings, with $40 million to $50 million of savings projected to be realized in 2017 and the remainder of the expected annual savings to be substantially realized by year-end 2018.
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    PPG Completes COLORFUL COMMUNITIES Project in Brazil at Kinder PPG Completes COLORFUL COMMUNITIES Project in Brazil at Kinder
    PPG Marks Successful 2016, Reports Strong Financials at Annual Meeting PPG Marks Successful 2016, Reports Strong Financials at Annual Meeting
    PPG Acquires Minority Stake in Taiwan Chlorine Industries PPG Acquires Minority Stake in Taiwan Chlorine Industries
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    PPG to Sponsor and Exhibit at Piston Power Auto-Rama PPG to Sponsor and Exhibit at Piston Power Auto-Rama
    PPG Regional Charity Partner Program Provides Approxiamtely $110,000 Support in First Year PPG Regional Charity Partner Program Provides Approxiamtely $110,000 Support in First Year
    PPG Brings Fresh Look for American Legion Post No. 1 in Germantown, Wisconsin PPG Brings Fresh Look for American Legion Post No. 1 in Germantown, Wisconsin
    PPG Completes Nearly 60 COLORFUL COMMUNITIES Projects in 2016 PPG Completes Nearly 60 COLORFUL COMMUNITIES Projects in 2016
    PPG Appoints Morales as Senior VP and CFO; Sklarsky Announces Retirement PPG Appoints Morales as Senior VP and CFO; Sklarsky Announces Retirement
    PPG Reports Fourth Quarter and Full-Year 2016 Financial Results PPG Reports Fourth Quarter and Full-Year 2016 Financial Results
    PPG Aerospace Coatings Create Showpiece Finish for Carrington Jet PPG Aerospace Coatings Create Showpiece Finish for Carrington Jet

    Related Breaking News

    • Breaking News
      PPG Issues Statement Regarding Decision by the Dutch Authority for the Financial Markets

      PPG Issues Statement Regarding Decision by the Dutch Authority for the Financial Markets

      ...
      05.31.17

    • Breaking News
      PPG Reaches Agreement with Nippon Electric Glass for Sale of Remaining Fiberglass Operations

      PPG Reaches Agreement with Nippon Electric Glass for Sale of Remaining Fiberglass Operations

      ...
      05.26.17

    • Breaking News | Paint & Coatings Manufacturer News

      PPG Completes COLORFUL COMMUNITIES Project in Brazil at Kinder

      ...
      05.02.17


    • Breaking News | Financial News

      PPG Marks Successful 2016, Reports Strong Financials at Annual Meeting

      ...
      04.21.17

    • Breaking News | Industry News
      PPG Acquires Minority Stake in Taiwan Chlorine Industries

      PPG Acquires Minority Stake in Taiwan Chlorine Industries

      ...
      04.13.17

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    Breaking News
    • AkzoNobel Reports Revenue Growth in 2022
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