(Reuters) – Paints and coatings maker PPG Industries said on Thursday it would lay off 1,800 employees in the United States and Europe and close various facilities as part of its cost-reduction program.
Shares of the Pittsburgh, Pennsylvania-based company were up 1.3% before the bell.
PPG expects annualized pre-tax savings of about $175 million, including $60 million in 2025, once the program is fully implemented.
The company said it would record a pre-tax charge of $250 million in the fourth quarter of 2024.
PPG also announced that it would sell its architectural coatings business in the U.S. and Canada to American Industrial Partners for about $550 million.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shilpi Majumdar)
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