PPG Industries (PPG) said Thursday that it has agreed to sell its architectural coatings business in the US and Canada to American Industrial Partners in a deal valued at $550 million.

PPG said the sale is a result of its evaluation of strategic alternatives for the business and is expected to be completed late this year or early next year.

In addition, PPG said it will implement a multi-year cost-cutting program that is expected to result in annualized pre-tax savings of $175 million once completed, including $60 million in savings next year.

The company said the cost cutting program is primarily focused on reducing its structural costs mainly in Europe and other global businesses. The program includes facility closures and is expected to impact 1,800 jobs in the US and Europe, PPG said.

Price: 131.00, Change: +0.64, Percent Change: +0.49