### PPG Industries to Lay Off 1,800 Workers Amid Cost-Cutting and Strategic Divestitures

NEW YORK — PPG Industries announced on Thursday its decision to lay off about 1,800 employees in a significant move aimed at cost reduction and structural adjustment. The Pittsburgh-based paint and coatings company disclosed that the job cuts would largely impact its workforce in the United States and Europe.

Mark Silvey, PPG's director of corporate communications, reported that the company's corporate headquarters in downtown Pittsburgh employs around 800 people, while an additional 425 work at its Cranberry facility. PPG's Springdale plant, which produces industrial coatings, was not specified in terms of employee numbers.

The timing of the layoffs remains unspecified, but the initiative is part of a broader multiyear program intended to reduce structural workforce globally, including various facility closures. "While these decisions are difficult, they are necessary to adjust our fixed cost base and to right-size our company," stated Tim Knavish, PPG's chairman and CEO.

On the same day, PPG revealed an agreement to sell its entire U.S. and Canadian architectural coatings business, which includes brands like Liquid Nails, Glidden, and Olympic, to private equity firm American Industrial Partners (AIP) for $550 million. This business segment accounted for $2 billion in net sales for PPG last year. The sale is anticipated to be finalized either late this year or in early 2025.

Notably, the Springdale facility is not part of the industrial coatings business and is excluded from this sale.

In addition, PPG had previously arranged to sell its silicas products business to Poland-based QEMETICA S.A. for approximately $310 million in August. This transaction is still pending completion.

The announcements come on the heels of a less-than-expected earnings report for the third quarter. PPG posted a net income of $468 million, or $2.13 per share, on revenue of $4.58 billion, which did not meet Wall Street's expectations.

The company's cost-cutting measures coincide with a tough market environment, marked by poor home sales and increasing mortgage rates. Existing U.S. home sales dropped 2.5% in August, as prices climbed for the 14th consecutive month.

Despite these challenges, both PPG and AIP remain optimistic about the future. Rick Hoffman, a partner at AIP, expressed enthusiasm about acquiring a business with a 125-year heritage, while Knavish emphasized that the divestitures would help PPG "further optimize" its portfolio and focus on its strongest growth areas.