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PPG Plans Restructuring

14 December 2000

PPG Industries is pursuing a number of restructuring actions that could result in a charge of $50 million to $100 million in the first quarter of 2001. The initiatives will be directed toward "reducing costs, increasing efficiencies and accelerating performance improvement throughout the company," according to Raymond W. LeBoeuf, board chairman and chief executive. "We see continued declines in a number of our end markets, particularly vehicle production, while natural gas prices continue to rise. On the positive side, we have seen volume growth in automotive aftermarket segments as well as in fiber glass," he said. "We raised prices on a number of products and initiated fuel-cost surcharges. More price increases are coming." PPG, founded in 1883, is the world's leading maker of transportation coatings, and a major global supplier of packaging and industrial coatings, flat and fabricated glass, continuous-strand fiber glass, and industrial and specialty chemicals. It has about 120 manufacturing locations in 23 countries, and had sales in 1999 of US$7.8 billion.