Paint maker PPG Industries, plagued recently by slow demand, said Friday it will move forward with a restructuring plan that aims to save $120 million to $130 million a year.
“Because of continued slow overall growth in global demand, we are taking decisive action to adjust our cost structure,” Chief Executive Michael McGarry said, as the company has coped with the demand slowdown, weaker-than-expected growth in Europe and worse-than-expected effects from foreign exchange.
Despite the struggles in Europe, the company agreed to acquire Deutek, a Romanian paint and coatings company last month.
PPG first said it was considering restructuring in October, after swinging to a loss in its third quarter.
The Pittsburgh company expects to book pretax charges of $190 million to $200 million, or 53 cents to 58 cents a share, in the fourth quarter and an additional $15 million costs throughout 2017.
Shares, inactive premarket, have risen 3.6% to $99.41 so far this month.
By Imani Moise
Source: Wall Street Journal
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?