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BRIEF-PPG Industries says initiates global restructuring, targets $125 mln in annual savings
December 9, 2016 / 12:02 PM / 7 months ago

BRIEF-PPG Industries says initiates global restructuring, targets $125 mln in annual savings

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Dec 9 (Reuters) - PPG Industries Inc

* PPG Industries Inc - will take pretax charge of $190 million to $200 million in Q4 2016 due to restructuring

* PPG Industries Inc - of approximately $140 million total cash outlay, about $110 million is expected in 2017, with balance to occur in 2018

* PPG Industries Inc - "because of continued slow overall growth in global demand, we are taking decisive action to adjust our cost structure"

* PPG initiates global restructuring, targeting $125 million in annual savings

* When completed, company expects restructuring actions to generate $120 million to $130 million in annual savings

* PPG Industries - of charges, about $140 million represents cash costs and $50 million to $60 million related to write-down of certain assets and non-cash costs

* PPG Industries - also, approximately $15 million of incremental restructuring-related cash costs are expected during 2017

* PPG Industries - $40 million to $50 million of savings projected to be realized in 2017, remainder of expected savings substantially realized by year-end 2018

* PPG initiates global restructuring, targeting $125 million in annual savings Source text for Eikon: Further company coverage:

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