PPG Industries to cut 1,000 jobs as earnings fall 39%

Date: 20 May 2002
Source: Yahoo

Date: 20 May 2002

PPG Industries, a maker of paints, specialty chemicals and glass products, said yesterday that it would cut 1,000 jobs, or about 3 percent of its work force, after first-quarter earnings fell 39 percent.

Net income fell to $34 million, or 20 cents a share, from $56 million, or 33 cents, a year earlier. Revenue fell 11 percent, to $1.88 billion from $2.1 billion, as sales dropped in every line of business. PPG has been cutting jobs and closing plants as orders have declined after the makers of automobiles, appliances and electronics sold fewer products. Net income included costs of $55 million, or 33 cents a share, related to the job cuts and plant closings in its automotive-coatings business. Plants in Detroit and Troy, Mich., will be closed and production will be greatly reduced at a plant in Birmingham, England, a spokesman said.

600450 PPG Industries to cut 1,000 jobs as earnings fall 39% glassonweb.com

See more news about:

Others also read

Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.
William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
UCB reached an agreement with Solutia to acquire Solutia's Resins, Additives & Adhesives activity for $500 million, plus a $10 million exclusivity fee.

Add new comment