PITTSBURGH--(BUSINESS WIRE)--Apr. 17, 2014--
PPG Industries (NYSE:PPG) announced today that its board of directors
has authorized the repurchase of $2 billion of outstanding common stock.
The authorization is effective immediately, does not expire and gives
management discretion in determining the conditions under which shares
may be purchased.
Repurchases will be made in accordance with applicable securities laws
in the open market or in privately negotiated transactions. Repurchases
may commence or cease without prior notice depending on economic and
equity market conditions, magnitude of other cash uses, including pace
and timing of acquisitions, and other factors.
In October 2011, PPG’s board of directors authorized a repurchase
program under which the company has repurchased 8.9 million shares
totaling approximately $1.4 billion. Approximately $200 million remained
on this program as of March 31, 2014.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
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 world. 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
Statements in this news release relating to matters that are not
historical facts are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 reflecting the
company’s current view with respect to future events or objectives and
financial or operational performance or results. The forward-looking
statements contained herein include statements relating to the timing
and number of shares ultimately purchased under PPG Industries’ share
repurchase program. Actual events may differ materially from current
expectations and are subject to a number of risks and uncertainties,
including PPG Industries’ ability to complete the share repurchase
program and the other risks and uncertainties discussed in PPG
Industries’ periodic reports on Form 10-K and Form 10-Q, and its current
reports on Form 8-K filed with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of their initial
issuance, and PPG Industries does not undertake any obligation to update
or revise publicly any forward-looking statement, whether as a result of
new information, future events or otherwise.
Bringing innovation to the surface is a 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