Paint maker PPG says it will lay off about 1,100 people and take a pretax restructuring charge of between $80 million and $85 million in the second quarter.
The Pittsburgh-based firm disclosed it plans in a filing made Friday with the Securities and Exchange Commission. The company employs about 47,200 worldwide, and the announced job cuts equate to about 2 percent of its workforce.
The company approved a business restructuring plan after North Carolina-based Lowe's announced in February that it would stop selling PPG's Olympic brand paints and stains. PPG also cited ongoing price increases for raw materials.
PPG says about $75 million to $80 million of the total restructuring charges will be for employee severance and other cash costs. The restructuring is expected to be finished by June 2019.
