Factory closures and fire-sale of core assets! Global paint giant cuts 1,800 jobs; China operations—5,000 employees—remain unaffected for now. Netizens comment: 'The chill from the real estate sector has finally spread outward...'

1,800 jobs cut! Another chemical industry heavyweight announces factory closures and asset sales—expected to save $175 million annually! By Unemployment News Editor | Text Henry & Co. | Image Recently, PPG Industries—a global leader in coatings manufacturing—announced it will divest portions of its U.S. and Canadian businesses and implement layoffs across the United States and Europe, affecting approximately 1,800 employees. The company also plans to shut down multiple production facilities. According to Unemployment News Editor, PPG Industries has entered into a definitive agreement with American Industrial Partners (AIP) to sell its architectural coatings business in the U.S. and Canada for $550 million. The transaction is expected to close by late 2024 or early 2025. Facilities included in this sale comprise seven production plants in the U.S., two in Canada, twelve distribution centers, and over 15,000 distribution points—including 750 company-owned retail stores and 6,600 independent distributors. As of year-end last year, PPG employed 53,000 people globally; thus, this round of layoffs represents roughly 3% of its total workforce. PPG estimates that once fully implemented, these cost-reduction measures will yield approximately $175 million in annual pre-tax savings, including $60 million in 2025. Additionally, the company expects to record a $250 million pre-tax charge in Q4 2024. Tim Knavish, PPG’s CEO, stated that although layoffs are a difficult decision, divesting its U.S. and Canadian architectural coatings business—as well as its silica products business—will enhance organic growth and financial returns, thereby further optimizing its portfolio. Knavish emphasized that this layoff decision will not undermine PPG’s current investment plans nor diminish its focus on organic growth. Recently, PPG released its Q3 2024 financial report, demonstrating stable profitability. Despite downward pressure on revenue, PPG successfully increased net profit—largely attributable to its diversified business portfolio and highly effective cost-control strategies. Per the report, PPG posted $4.575 billion (approx. RMB 3.2581 billion) in Q3 2024 revenue, a 1.48% decline year-on-year. Although revenue dipped slightly, net profit rose 9.86% year-on-year to $468 million (approx. RMB 333.2 million). For the first three quarters combined, PPG achieved $13.68 billion (approx. RMB 9.74 billion) in revenue—a 1.56% decline year-on-year—while net profit reached $1.396 billion (approx. RMB 994.1 million), up 18.31% year-on-year. Commenting on the results, Tim Knavish remarked: “Although OEM automotive construction activity slowed this quarter, we achieved positive growth across seven of our ten businesses—and especially strong growth in several key technology-driven businesses—delivering a record-setting Q3 earnings per share.”

Sherwin-Williams / PPG / AkzoNobel: 'Growth Has Stopped!' The 2024 coatings industry is 'truly tough.'

Yet compared to 2023, Sherwin-Williams’ record-breaking $23.1 billion in net sales last year grew by only 0.2%—a rise so marginal it is effectively negligible. Based on performance data from Sherwin-Williams’ three major divisions: its Paint Stores Group (PSG) posted $3.0449 billion in net sales for Q4 2024, up 3.4%, driving a corresponding increase in divisional profit. However, the Consumer Brands Group (CBG) saw net sales decline 4.3% to $662.2 million, while the Performance Coatings Group (PCG) posted a 1.6% decline in net sales to $1.589 billion. By divesting its silica products business and its architectural coatings business in the U.S. and Canada, PPG boosted last year’s net profit by 10% to $1.344 billion, simultaneously strengthening its financial position—including raising its adjusted EBITDA margin to 18.1%—enabling sustainable organic growth. Additionally, emerging markets such as Mexico and India delivered better-than-expected contributions. Aerospace coatings, protective & marine coatings, packaging coatings, and transportation solutions have emerged as new growth engines for PPG—driving a 6% increase in adjusted earnings per share. Nonetheless, impacted by a slight decline in sales volume, adverse currency exchange effects, and the impact of asset divestitures, PPG’s annual revenue fell 2% to $15.845 billion last year—the only one among the ‘Big Three’ to post a revenue decline. Moreover, its global architectural coatings division recorded a 7% year-on-year drop in Q4 net sales to $881 million, with divisional profit down 10% to $118 million. Its industrial coatings division posted a 9% year-on-year decline in net sales to $1.586 billion, with divisional profit falling 20% to $185 million. Tim Knavish, Chairman and CEO of PPG, commented on the company’s full-year and quarterly performance: “Throughout 2024, we demonstrated resilience amid a challenging macroeconomic environment—delivering value to shareholders through a 6% increase in adjusted earnings per share, higher overall divisional margins, and $1.4 billion in operating cash flow.” Over the past year, AkzoNobel’s net profit rose 22.6% to €542 million (approx. $563 million), though its revenue remained virtually flat at €10.711 billion (approx. $11.126 billion). In Q4 2024, AkzoNobel reported sales of €2.619 billion, up 4% year-on-year. Due to price increases, organic sales rose 1%. Coating volumes increased—especially in Asia—but were offset by declines in decorative paints sales across EMEA and China. Price/composite effect contributed +1%; favorable currency impact added +3%, resulting in total revenue growth of +4%. Adjusted EBITDA rose 3% to €321 million; operating profit stood at €127 million, down 40.65% year-on-year—primarily due to restructuring costs.

PPG Industries CEO Files Form 4 on October 15

Oct 17, 2026

PPG Industries Inc filed a Form 4 insider transaction report for CEO Timothy M. Knavish dated October 15th. The filing details executive activity without providing specific transaction amounts in this excerpt.

Investing.com Canada

PPG Industries CEO Files Form 4 on October 15

Investing.com South Africa

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