PPG Industries Unveils Latest Restructuring, Targeting $125 Million In Annual Savings

By MarketsMarketWatch Pulse

Paint maker PPG Industries Inc. said Friday its board has approved another restructuring that aims to save $125 million a year. The cuts will be focused on end-use markets that are currently weakest and will seek to reduceg operating and admin costs. "Because of continued slow overall growth in global demand, we are taking decisive action to adjust our cost structure," Chief Executive Michael H. McGarry said in a statement. PPG expects to book pretax charges of $190 million to $200 million, or 53 cents to 58 cents a share, in the fourth quarter. Shares were not yet active in premarket trade, but are up 0.6% in the year so far, underperforming the S&P 500 , which has gained about 10%.

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