PITTSBURGH--(BUSINESS WIRE)--Oct. 1, 2014--
PPG Industries (NYSE:PPG) today announced that the U.S. District Court
for the Western District of Pennsylvania issued a memorandum opinion and
order on Sept. 30, 2014, affirming confirmation of the current
Pittsburgh Corning plan of reorganization. PPG and Corning Incorporated
are each 50-percent shareholders of Pittsburgh Corning, which filed for
Chapter 11 bankruptcy protection in 2000.
PPG is pleased with the court decision affirming the decision of the
bankruptcy court to confirm the Pittsburgh Corning plan of
reorganization. The order of the District Court is subject to a
customary appeals process and, if that order is upheld and all
conditions are met, the plan of reorganization would become effective.
Under the plan of reorganization, PPG and its participating insurers are
to make their initial payments to the trust 30 business days after the
plan becomes effective and all conditions to funding have been met.
PPG: BRINGING INNOVATION TO THE SURFACE.(R)
PPG Industries’ vision is to continue to be the world’s leading coatings
and specialty materials company. Through leadership in innovation,
sustainability and color, PPG helps customers in industrial,
transportation, consumer products, and construction markets and
aftermarkets to enhance more surfaces in more ways than does any other
company. Founded in 1883, PPG has global headquarters in Pittsburgh and
operates in nearly 70 countries around the globe. Reported net sales in
2013 were $15.1 billion. PPG shares are traded on the New York Stock
Exchange (symbol:PPG). For more information, visit www.ppg.com
and follow @PPGIndustries
on Twitter.
Forward-Looking Statements
This news release contains certain statements about PPG Industries,
Inc., that are “forward-looking statements” within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. These matters
involve risks and uncertainties as discussed in PPG's periodic reports
on Form 10-K and Form 10-Q and its current reports on Form 8-K filed
from time to time with the Securities and Exchange Commission.
The forward-looking statements contained in this news release include
statements about the outcome of the appeals process, the amount and
timing of any payments into the trust, and all other statements in this
news release that are not historical facts. Without limitation, any
statements preceded or followed by or that include the words “targets,”
“plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,”
“anticipates,” “estimates,” “projects,” “should,” “would,” “could,”
“positioned,” “strategy,” “future,” or words, phrases or terms of
similar substance or the negative thereof, are forward-looking
statements.
These statements are based on the current expectations of the management
of PPG and are subject to uncertainty and to changes in circumstances
and involve risks and uncertainties, including those listed in the
paragraph above, that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements. In
addition, these statements are based on a number of assumptions that are
subject to change. However, it is not possible to predict or identify
all such factors. Consequently, while the list of factors presented here
is considered representative, no such list should be considered to be a
complete statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the realization
of forward-looking statements.
Forward-looking statements included herein are made as of the date
hereof, and PPG undertakes no obligation to update publicly such
statements to reflect subsequent events or circumstances.
Bringing innovation to the surface is a registered trademark of
PPG Industries Ohio, Inc.
Source: PPG Industries, Inc.
PPG Industries, Inc.
Media:
Mark Silvey, PPG Corporate
Communications, 412-434-3046
silvey@ppg.com
or
Investors:
Vince
Morales, PPG Investor Relations, 412-434-3740
vmorales@ppg.com