PPG Industries posts decline

PPG Industries, Inc. posted a 39% decline in first-quarter net income, due largely to charges from its continuing restructuring, and added that it will cut an additional 1,000 or so jobs this year, br…

PPG Industries, Inc. posted a 39% decline in first-quarter net income, due largely to charges from its continuing restructuring, and added that it will cut an additional 1,000 or so jobs this year, bringing its work force to under 34,000. The Pittsburgh, US manufacturer of chemicals, coatings and glass products had previously indicated that its restructuring would stretch into this year, but hadn“t indicated how many people would be affected. It said that while some of the economic news this year is encouraging, “we have not seen any significant signs of strengthening in our major markets other than North American vehicles.” PPG reported net income of US$ 34 million, or 20 cents a share, down from US$ 56 million, or 33 cents a share, a year earlier. Sales fell 11% to US$ 1.88 billion from US$ 2.10 billion in the year-earlier quarter.