PPG Industries (NYSE: PPG), Pittsburgh, PA, initiated significant and broad restructuring actions to reduce its global cost structure, with a focus on structural reductions in operating, functional and administrative costs. The actions focus on certain regions and end-use markets where business conditions are weakest.

“Because of continued slow overall growth in global demand, we are taking decisive action to adjust our cost structure,” CEO Michael McGarry said. “These measures will better align our resources with anticipated ongoing business conditions and will keep PPG competitive in the end markets in which we participate.”

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.