PPG Industries to restructure and save $125 million. At leastStaff Writer | December 9, 2016
PPG board approved significant and broad restructuring actions to reduce its global cost structure.
PPG A pretax restructuring charge of $190 million
Of the approximately $140 million total cash outlay, about $110 million is expected in 2017, with the balance to occur in 2018.
In addition to the aforementioned pretax charge and cash costs, approximately $15 million of incremental restructuring-related cash costs are expected during 2017, for certain items that are required to be expensed on an as-incurred basis.
When completed, the company expects the restructuring actions to generate $120 million to $130 million in annual savings, with $40 million to $50 million of savings projected to be realized in 2017 and the remainder of the expected annual savings to be substantially realized by year-end 2018. ■