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
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