PPG Cutting 1,700 Of 47,000 Jobs Worldwide

Dec 9, 2016

 

 

Credit PPG Industries

Pittsburgh-based PPG Industries will cut its workforce by about 1,700 jobs, or about 3.6 percent of its 47,000 workers worldwide, company officials said Friday.

Spokesman Mark Silvey said the cuts will be spread across all geographic regions so there "is expected to be minimal overall impact to any specific region."

PPG is a Fortune 500 company founded in Pittsburgh in 1883 by John Pitcairn Jr. and John Baptiste Ford. Once known for plate glass production, they're now a global supplier of paints and specialty coatings in more than 70 countries.

Silvey said job cuts will focus on operations and markets where "business conditions are weakest," but did not specify where.

PPG reported a third-quarter loss of $201 million, or 75 cents per share, in October and promised to review cost-cutting options. The company is expected to take a pretax charge of $190 million to $200 million when it reports year-end earnings in January.

Chairman and chief executive Michael McGarry, who took over late last year, said the cuts are fueled by "continued slow overall growth in global demand."