PPG plans restructuring, shuts fine chemicals plant in Europe.(PPG Industries Inc.)(Brief Article)

PPG Industries says it finalizing a restructuring program and will take a $50 million-$70 million charge in first-quarter 2006 to cover severance and restructuring costs. PPG reported a fourth-quarter earnings decline last week reflecting hurricane-related problems and one-time charges (story above).

"As we look ahead to 2006, we see continued profitable growth opportunities, but also see continued pressure due to the high energy and raw material pricing environment," says PPG chairman and CEO Charles Bunch. "As a result, in addition to the annual cost reductions that we consistently deliver, we are finalizing plans to take severance and restructuring actions." No …