PPG Plans Cost Reduction Program With Anticipated Annualized Pre-tax Savings Of $175M Once Fully Implemented, Including Savings Of $60M In 2025; Expects Plan To Impact About 1,800 Positions, Primarily In Europe & US

The multi-year program is focused on reducing structural costs primarily in Europe and in certain other global businesses, along with other corporate costs following the two recently announced agreements to sell PPG's silicas products business and the architectural coatings business in the U.S. and Canada.

The program includes various facility closures and other targeted fixed costs. The company will record a pre-tax charge of approximately $250 million in the fourth quarter 2024, and other charges over the next several years when certain costs are incurred.

In total, PPG expects the cost reduction program to impact about 1,800 positions, primarily in Europe and the U.S.