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PPG has said in a press release that restructuring actions would "impact about 2000 employees,” mostly in its global architectural-coatings business and other operations in Europe, including some from its 2007 acquisition of Dutch paints maker Sigma-Kalon and Dyrup, a Danish coatings business that PPG had purchased earlier this year.
"These cost-reduction actions, while always difficult decisions, are needed to ensure that our cost structure is appropriate for business conditions and that all of our operations remain competitive globally,” CEO Charles E Bunch said in a statement issue on April 5. Bunch said while business was strong in North America and Asia during the first quarter, demand for coatings in Europe "was muted and we expect economic recovery to occur slowly in that region.” PPG said the restructuring moves would eventually save US$40M-US$50M this year.
q Meanwhile PPG Industries has entered into a technical collaboration agreement with Montreal, Canada-based Argex Mining Inc to utilise PPG’s existing technology and know-how relating to the manufacture of titanium dioxide (TiO2) pigment for paints and coatings applications. The TiO2 is intended to be compatible with various end-use applications for PPG and would be produced by Argex. Terms were not disclosed.
"PPG and Argex plan to combine efforts with the goal of developing a TiO2 product that can meet conventional standards for interior and exterior paint applications,” said Charles F Kahle II, PPG chief technology officer and vice president, research and development, coatings.