PPG Industries plans to lay off about 1,800 employees amid efforts to cut costs, with the paints and coatings maker also inking a deal to sell a sizeable chunk of its architectural business.

(Reuters) - Paints and coatings maker PPG Industries said on Thursday it would lay off 1,800 employees in the United States and Europe and close various facilities as part of its cost-reduction program. Shares of the Pittsburgh, Pennsylvania-based company were up 1.3% before the bell.

PPG agreed to sell its architectural-coatings business in the U.S. and Canada to private-equity firm American Industrial Partners for $550 million, and outlined cost and job cuts.

The architectural coatings business in the U.S. and Canada had about $2 billion in revenue in 2023 and includes Glidden, Pittsburgh Paints & Stains, Dulux, Olympic and others.