PITTSBURGH, PA (PTTP) – PPG Industries is enlisting the help of Goldman Sachs & Co. as a financial advisor to review its US and Canada division of architectural coatings. The sales for this division – comprised of paints, stains, and other coatings – are marketed towards DIY home remodelers; yet with the current housing market, sales are not as substantial as they used to be. While PPG’s other divisions in Europe, Asia, and Latin America have recovered from the shock of the COVID-19 pandemic, the US and Canada are yet to make a full recovery to pre-pandemic numbers. As a result, PPG is beginning an assessment to find the most profitable path moving forward.
This division employs over 6,000 workers, with hundreds of buildings for the manufacturing, distribution, and sale of architectural coatings. Recently, PPG partnered with Home Depot to compete with companies like Sherman-Williams and Lowe’s, but the issue may require a more drastic solution. While PPG claims that nothing is off the table on either side of the issue, a revitalization of the US and Canada divisions would require mass amounts of time and money. Given the implications, it seems a potential sale of the branch is not a far stretch of the imagination.
Credit: Schneider Downs/PPG