PPG Industries in Europe and America is laying off 1800 employees and selling its business, expecting to save $175 million annually
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PPG Industries announced plans to cut 1,800 employees and close some factories in the United States and Europe as part of a cost-cutting plan, expecting to save $175 million annually. The company also plans to sell its architectural coatings and silica products business in the United States and Canada, with the transaction expected to be completed by the end of 2024 or early 2025. This move aims to reduce structural costs, with the CEO mentioning that the layoffs are to adjust fixed cost base. PPG's third-quarter profits fell short of expectations, partly due to a decline in industrial coatings sales
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