PPG Industries to cut 1,000 jobs as earnings fall 39%

PPG Industries, a maker of paints, specialty chemicals and glass products, said yesterday that it would cut 1,000 jobs, or about 3 percent of its work force, after first-quarter earnings fell 39 percent.

Net income fell to $34 million, or 20 cents a share, from $56 million, or 33 cents, a year earlier. Revenue fell 11 percent, to $1.88 billion from $2.1 billion, as sales dropped in every line of business. PPG has been cutting jobs and closing plants as orders have declined after the makers of automobiles, appliances and electronics sold fewer products. Net income included costs of $55 million, or 33 cents a share, related to the job cuts and plant closings in its automotive-coatings business. Plants in Detroit and Troy, Mich., will be closed and production will be greatly reduced at a plant in Birmingham, England, a spokesman said.

600450 PPG Industries to cut 1,000 jobs as earnings fall 39% glassonweb.com
Date: 20 May 2002
Source: Yahoo

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