PPG Industries to cut 1,800 jobs worldwide and sell off plants...
More details here:
https://www.wsws.org/en/articles/2024/11/12/apke-n12.html
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ppg is laying off 1,800 employees, about 4% of the total workforce - this is in the u.s. and europe (due to declining net profits) - total headcount is 50,000 workers, so do the math... ppg recently sold its architectural coatings business (glidden and liquid nails), to american industrial partners for $550M. now, this sale involves transferrng over 6K workers. that is going to decrease the headcount. I'd be tthey want to be sold to someone but it's just my hunch.. ppg also sold the silica products business for $310 million.... investors should be happy now because all of this will be saving $175 million, including $60 milion in 2025...
shifts to electric vehicles and automtion to reduce labor costs is they key here and ppg is not the only one who is struggling... the automotive sector has been turned upside down, look at stellantis and vw- layoffs are omnipresent.. they are trying to switch to aerospace and defense, by the time they get there those markets will turn and ppg will be in trouble again. oh, well.