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Closing Price
$0.01
Day's Change
0.00 (0.00%)
Bid
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Ask
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B/A Size
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Day's High
0.015
Day's Low
0.01
Volume
(Heavy Day)
Volume:
12,000

10-day average volume:
4,087
12,000

PPG restructuring to lead to charge of up to $180 million, nearly all for severance payments

6:37 am ET June 8, 2020 (MarketWatch)
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PPG Industries Inc. (PPG) said Monday it will record a restructuring charge of $160 million to $180 million, or 52 to 58 cents a share, in the second quarter, with nearly all of the charge related to employee severance. The paints and stains seller said it expects the restructuring, which includes a "voluntary separation program," to lead to annual savings of $160 million to $170 million. "Given the broad economic impact relating to the COVID-19 pandemic and the recovery timeline in a few end-use markets, we are taking decisive action to further adjust our cost base," said Chief Executive Michael McGarry. The company said May sales volumes were down less than 30% from a year ago, marking an improvement from the April decline of 35%, with declines in both months "modestly" better than originally expected. The stock, which is still inactive in premarket trading, has declined 14.6% year to date, while the S&P 500 has slipped 1.1%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

June 08, 2020 06:37 ET (10:37 GMT)

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