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
PepsiCo Europe and crop nutrition company Yara have announced a long-term partnership aimed at providing European farmers with low-carbon crop nutrition solutions to help decarbonise the food value chain. Under the agreement, Yara will supply PepsiCo with up to 165,000 tons of fertiliser per year by 2030, covering around 25% of the food and beverage giant’s crop fertiliser needs across Europe.
BASF has signed an agreement to sell its flocculants business for mining applications to Solenis, a specialty chemicals manufacturer. The divestment of the flocculants business to Solenis is part of BASF’s ongoing portfolio optimisation with the aim of focusing on strategic core areas.
ADAMA Ltd. a leading crop protection company, announced that its board of directors has appointed Gaël Hili as its President and Chief Executive Officer, effective October 1, 2024. Hili will join the Syngenta Group Leadership Team and will be based in Tel Aviv.
