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
Date: 10 December 2007
Source: Post-gazette.com

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