PPG INDUSTRIES, INC. (NYSE:PPG) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05
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Costs Associated with Exit or Disposal Activities.
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a business restructuring plan which includes actions to reduce its
global cost structure. The program is focused on certain regions
and end-use markets where business conditions are the weakest, as
well as reductions in production capacity and various global
functional and administrative costs. A pretax restructuring charge
of $190 million to $200 million will be recorded in PPG’s fourth
quarter 2016 financial results, of which about $140 million
represents employee severance and other cash costs and $50 million
to $60 million is related to the write-down of certain assets held
for sale and other non-cash costs. In addition to the
aforementioned pretax charge and cash costs, approximately $15
million of incremental restructuring-related cash costs are
expected during 2017, for certain items that are required to be
expensed on an as-incurred basis. The restructuring actions will
result in the net reduction of approximately 1,700 positions, with
substantially all actions to be complete by the first quarter 2018.
December 9, 2016 press release, a copy of which is attached hereto
as Exhibit 99.
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Item 9.01.
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Financial Statements and Exhibits.
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this Report
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Exhibit
Number
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Description
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Press release of PPG Industries, Inc. dated December 9,
2016. |
About PPG INDUSTRIES, INC. (NYSE:PPG)
PPG Industries, Inc. (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses. The Industrial Coatings segment consists of the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, and specialty coatings and materials businesses. Industrial, automotive OEM, packaging coatings, and specialty coatings and materials products are formulated specifically for the customers’ needs and application methods. The Glass segment consists of the flat glass and fiberglass businesses. The Company’s brands include SIKKENS, PPG PITTSBURGH PAINTS, MULCO, FLOOD, LIQUID NAILS, SICO, CIL, RENNER, TAUBMANS, WHITE KNIGHT and BRISTOL. PPG INDUSTRIES, INC. (NYSE:PPG) Recent Trading Information
PPG INDUSTRIES, INC. (NYSE:PPG) closed its last trading session down -0.11 at 99.30 with 1,355,202 shares trading hands.