PPG Chief Says Restructuring Led To 'Financial Success'

PPG Industries' restructuring has been driving "solid organic growth" and "financial success" this year, Chief Executive Officer Charles Bunch told investment analysts yesterday.

The Downtown-based coatings, glass and chemicals maker expects its 2006 acquisitions to contribute $750 million in sales this year, with year-to-date margins in the high single digits. Volumes in 2007 have been some of the "best and most consistent" in the past several years, Mr. Bunch said in a statement, noting that October results came in "better than we had estimated."

PPG Industries said third-quarter sales were a record $2.8 billion, up 13 percent from a year ago. Net income for the quarter was $191 million, or $1.15 per share, up from $90 million, or 54 cents a share a year ago.

"We have been successful in strengthening our portfolio and concentrating on higher growth, specialty, technology-driven businesses," Mr. Bunch said. "Moving forward, we will continue to aggressively evaluate our portfolio."

PPG yesterday completed the sale of its fine chemicals business to ZaCh System S.p.A., a subsidiary of Zambon Co. S.p.A., of Milan, Italy, for approximately $65 million.

600450 PPG Chief Says Restructuring Led To 'Financial Success' glassonweb.com

See more news about:

Others also read

PPG and PPG Foundation contribute $7.5 million for PPG Science Pavilion in Pittsburgh
New STEM education facility at Carnegie Science Center targeted to open in 2018.
PPG uses OPTICOR advanced transparency material for BLADE windows
PPG has designed and produced windows for the Breakthrough Laminar Aircraft Demonstrator in Europe (BLADE), a Clean Sky Smart Fixed Wing Aircraft Integrated Technology Demonstrator (SFWA ITD).
PPG to exit glass business by year's end
PPG reaches agreement with Nippon Electric Glass for sale of remaining fiberglass operations.
PPG, Vision Systems to develop aircraft window shading applications
PPG and Vision Systems have reached a commercial agreement to work together on developing new applications utilizing Vision Systems’ electronically dimmable window shading solutions for aircraft.
PPG to showcase specialty inks, performance glass coatings at DECO ’17
Annual conference for decorated glass and ceramics set for Pittsburgh, April 22-24.
Vitro Architectural Glass to build jumbo MSVD coater in Wichita Falls, Texas
$55 million investment to enable production of jumbo-sized energy-efficient glass

Add new comment