PPG Chief Says Restructuring Led To 'Financial Success'

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

Date: 10 December 2007

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.


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