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
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.