Factory closures and asset sales! Global paint giant PPG cuts 1,800 jobs worldwide; its 5,000 employees in China remain unaffected—for now. Netizens comment: “The chill from the real estate sector has finally spread…”

Cutting 1,800 jobs! Another chemical industry giant announces factory closures and asset sales—expected to save $175 million annually! By Unemployment News Editor | Text Henry & Co. | Illustration Recently, PPG Industries—the U.S.-based global leader in coatings—announced it will sell portions of its architectural coatings businesses in the United States and Canada, and implement layoffs across the U.S. and Europe, affecting approximately 1,800 employees. The company also plans to close multiple manufacturing 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 stores and 6,600 independent distributors. As of year-end last year, PPG employed approximately 53,000 people globally; thus, the current round of layoffs represents roughly 3% of its total workforce. PPG estimates that once fully implemented, these cost-reduction initiatives will generate approximately $175 million in pre-tax annual savings—$60 million of which will be realized 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 an extremely difficult decision, divesting its architectural coatings businesses in the U.S. and Canada—as well as its silica products business—will enhance the company’s organic growth and financial returns, thereby further optimizing its portfolio. Knavish emphasized that this restructuring will not undermine PPG’s current investment plans nor diminish its commitment to organic growth. Recently, PPG released its Q3 2024 financial results, demonstrating stable profitability. Although revenue faced downward pressure, PPG successfully increased net income—largely attributable to its diversified business portfolio and highly effective cost-control strategies. According to the report, PPG recorded $4.575 billion (approx. RMB 32.581 billion) in revenue for Q3 2024—a 1.48% decline year-on-year. Despite the slight revenue contraction, net income rose 9.86% year-on-year to $468 million (approx. RMB 3.332 billion). For the first three quarters combined, PPG achieved $13.68 billion (approx. RMB 97.4 billion) in revenue—a 1.56% decline year-on-year—while net income reached $1.396 billion (approx. RMB 9.941 billion), up a robust 18.31% year-on-year. Commenting on the results, Tim Knavish remarked: “Although automotive OEM construction activity slowed this quarter, we achieved positive growth across seven of our ten businesses—especially in several key technology-driven businesses—delivering a record-breaking Q3 earnings per share.”

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PPG stated that raw material cost inflation over the past two years has approached 40%, while energy costs continue to rise. Furthermore, PPG expects economic activity in Europe and China to remain sluggish, and global demand for DIY architectural coatings is likely to weaken further. Shortly after releasing its latest financial results, PPG announced the appointment of Chief Operating Officer Tim Knavish as President and Chief Executive Officer, effective January 1, 2023. Knavish will join PPG’s Board of Directors on October 20, 2022. The 57-year-old Knavish has served as PPG’s COO since March this year and will succeed Michael McGarry—currently Chairman and CEO—who is 64 years old. McGarry, who has served as CEO since September 2015, will transition to Executive Chairman and plans to retire from both the Executive Chairman and Board roles on October 1, 2023. McGarry has held the dual role of Chairman and CEO since September 2016. Over his more than 40-year career at PPG, he has held numerous leadership positions across key business units and functional departments in the U.S., Europe, and Asia, and has spearheaded multiple strategic initiatives that optimized PPG’s business portfolio. Tim Knavish The newly appointed CEO, Tim Knavish, joined PPG in 1987. In 2005, Knavish relocated to Australia to serve as General Manager of PPG’s coatings businesses in Australia and New Zealand, as well as General Manager of its automotive refinish business.

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