US glass and coatings group PPG Industries has said that current restructuring operations could result in a charge of US$ 50 million to US$ 100 million in the first quarter of 2001.
The restructuring…
US glass and coatings group PPG Industries has said that current restructuring operations could result in a charge of US$ 50 million to US$ 100 million in the first quarter of 2001. The restructuring is aimed at “reducing costs, increasing efficiencies and accelerating performance improvement throughout the company,” said Raymond W. LeBoeuf, board chairman and CEO. “Our ultimate actions will involve facility and job consolidations, primarily in the coatings segment. The additional earnings generated by these actions will fully offset the charges in about a year,” said LeBoeuf. On the positive side, LeBoeuf pointed out that there has been volume growth in automotive aftermarket segments as well as in fibreglass.