PPG Industries said that it will lay off about 1,100 people and take a pretax restructuring charge of between $80 million and $85 million in the second quarter.
The Pittsburgh-based firm disclosed its plans in a filing made with the Securities and Exchange Commission. The company employs about 47,200 worldwide, and the announced job cuts equate to about 2 percent of its workforce.
The company approved a business restructuring plan after North Carolina-based Lowe's that it would stop selling PPG's Olympic brand paints and stains. PPG also cited ongoing price increases for raw materials.
Read more: PPG to cut 1100 jobs, part of restructuring
PPG Industries said that it will lay off about 1,100 people and take a pretax restructuring charge of between $80 million and $85 million in the second quarter.
The Pittsburgh-based firm disclosed its plans in a filing made with the Securities and Exchange Commission. The company employs about 47,200 worldwide, and the announced job cuts equate to about 2 percent of its workforce.
The company approved a business restructuring plan after North Carolina-based Lowe's that it would stop selling PPG's Olympic brand paints and stains. PPG also cited ongoing price increases for raw materials.
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