PPG is slashing almost 2,000 jobs and closing a facility in order to try to maximize profits.
What is PPG? They are the second largest manufacturer of paints and are based out of Pennsylvania. They own paint brands like Glidden, Olympic, Manor Hall and Liquid Nails.
According to Fox Business, PPG’s decision to eliminate these jobs and close facilities trims operation costs, as they also sell off a chunk of their architectural business.
The unnerving thing for PPG employees is that they don’t know if, or when, they will be laid off. PPG is keeping their next move under wraps.
The CEO of PPG, Tim Knavish, was sent in to try to clean up any panic with a statement.
“While these decisions are difficult, they are necessary to adjust our fixed cost base and to right-size our company,” he says.
The “right-sizing” of their company includes plans to sell its silicas products business and the architectural coatings business in the U.S. and Canada.
Basically, if you are going to the hardware or paint store to grab some paint, there are two brands that own the market: Sherwin-Williams and PPG. In order to keep the competition tight and the revenue up, PPG must trim the fat and shut down facilities in order to keep up with the rising costs of business.
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Gallery Credit: Jess
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