Posted on 10/19/2024 5:52:44 AM PDT by bert
PPG said job cuts are part of company's cost reduction plan
PPG — a global manufacturer of paints, coatings, and specialty materials — is laying off nearly 2,000 workers as it trims operation costs and sells off a chunk of its architectural business.
The cuts will impact about 1,800 positions, primarily in the U.S. and Europe. PPG didn't disclose when the layoffs would occur.
The Pittsburgh-based company said it is part of a comprehensive cost reduction program focused on reducing structural costs primarily in Europe and in certain other global businesses, along with other corporate costs. The program also includes various facility closures.
LAYOFFS ANNOUNCED AT MULTIPLE COMPANIES THIS SUMMER
"While these decisions are difficult, they are necessary to adjust our fixed cost base and to right-size our company following these two business divestitures," PPG CEO Tim Knavish said in a statement, referring to the company's recently announced plans to sell its silicas products business and the architectural coatings business in the U.S. and Canada.
PARAMOUNT BEGINS LAYING OFF 15% OF WORK FORCE, HUNDREDS EXPECTED TO BE CUT
Knavish added that "none of these actions will impact our ongoing investments or focus on organic growth."
The transaction value was pegged at $550 million and is expected to close in late 2024 or early 2025.
PPG’s architectural coatings business in the U.S. and Canada manufactures and sells interior and exterior paints, stains, caulks, repair products, adhesives and sealants for homeowners and professionals. Its portfolio of brands includes Glidden, Olympic, Manor Hall and Liquid Nails.
It seems that companies are politically motivated to fire people while the blame can be placed at the feet of the Biden administration
In this article, in Pittsburgh, in the vital swing state of Pennsylvania, it was decided to announce the layoffs now, rather than later.
Given all the continuous nonsense reported, the singular effect of jobs lost effecting extended families has to be telling. Being laid off influences more voters than a gaff on TV
Greenie pinheads chasing their Utopia and sanctions on Russia are the two drivers of this mess.
Russia will gladly steer some of their oil and gas to manufacture paint and othe PPG products.
The pigments and dye come from India, so that raw material supply line gets shorter
More proof how great Bidenomics has worked ... soon to be replaced with Kamalanomics which will be worse?
Just more of our Industrial Base moving out of the US. Thank you, Labor Unions, you killed another company.
Uh oh. How can we paint the millions of new housing units being constructed to house our new diverse workforce from the south? We surely can’t expect them to live with bare Sheetrock and siding, can we?
This is good news right?? I mean since these people no longer have to work long hard hours for some greedy rich guy, they can spend more quality time with their families.
The 4th quarter of the year is layoff season.
Lots of companies cut back on payroll to improve the value of their stock.
This year the layoffs are a lot more severe because companies are looking at higher input costs next year regardless who runs the country.
IF Trump wins, it will take him several quarters to get costs under control. It took Reagan a couple of years to unscrew the Carter mess.
The paint brands they sell under, IMO, are very poor paints.
I recall when Sears advertised 50 year paints. I have a building covered with that paint. It is dull and faded, but still protecting the wood. Paints sold today like at Walmart are good for maybe a year or two, if you are lucky. Then they start to peal off.
We buy our paints now at Sherwin Williams where a good oil base can still be found that actually soaks into the wood and stays there. We pay dearly for it, but is cheaper in the long run. Once done, it’s done.
The impact is compounded through jobs like these - not just construction workers, but now we are shutting down factories, production facilities, and chemical plants.
This will be tough to bounce back from.
I only use Dunn Edwards paint.
When ever I have something to paint-—I seek PPG products. NEVER have had a single issue with any of their stuff.
DO NOT BLAME the PAINT COMPANIES.
BLAME THE EPA.
I remember when any exterior paint sold was good for 40 +++ years.
THE EPA forced changes to the paint formulas-—the paint companies didn’t do that by themselves.
ALL the paint formulas are no longer as lasting as prior.
It’s consolidation. Happening in many industries. If you can make the same number of units in 3 plants that you previously made in 5 plants, then 2 plants get shut down. Some it’s upgraded equipment, larger facilities, and various other costs (labor and property costs vary by state, as does travel expenses etc). In my industry there’s been a lot of consolidation since Covid. They just shut down a couple of plants in California and shifted production to the Midwest. The CA facilities were older and a lot more expensive to run, and the Midwest facilities can handle the load.
How many lay-offs and plant shutterings is PPG doing overseas?
No clue. They have regulations in many EU countries that make layoffs and plant shutting very expensive. Shuttering domestic production to send it overseas is one thing. Shuttering in California because taxes and property and wages are cheaper in Ohio or Tennessee is a competition between how well the states are managed.
Our own government is hostile to workers.
Every regulation, every rule, every minimum wage raise makes workers more expensive.
If labor cost more then what value the labor brings, companies will cut labor and if they can not do business with less labor they will go out of business.
Why politicians can not understand this I don’t know.
I guess I’m just getting old, but I remember when this company was called Pittsburgh Plate Glass, and that is what they were best at and famous for… making the best glass in the world. They sold all of their glass factories years ago to concentrate on their paint business, changed their name toPPG and now it appears they’re ditching a big part of the paint business.
What’s left?
<>Its portfolio of brands . . . Olympic<>
PPGs Olympic oil-based deck protection kept my dock decking in FL going for over thirty years.
Great product.
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