PITTSBURGH--(BUSINESS WIRE)--Apr. 17, 2014--
PPG Industries (NYSE:PPG) today held its annual meeting of shareholders
in Pittsburgh, where Chairman and Chief Executive Officer Charles E.
Bunch spoke about the company’s recent strategic progress and record
financial performance.
“Thanks to our customers and employees throughout the world, 2013 was
one of the most successful years in our company’s 130-year history, both
financially and strategically,” Bunch said. “We initiated or completed
several significant strategic actions during the year, as we further
accelerated our portfolio transformation.”
Bunch highlighted several of the company’s recent strategic actions to
focus on coatings and specialty materials and create additional value
for PPG shareholders. “In 2013, we successfully separated our former
commodity chemicals business; completed the purchase and are ahead of
schedule on the integration of AkzoNobel’s North American architectural
coatings business; acquired the Deft aerospace coatings business; and
reached an agreement to sell our 51 percent ownership interest in the
Transitions Optical joint venture,” he said. PPG completed the sale of
its ownership interest in Transitions Optical on March 31.
Commenting on the company’s 2013 performance, Bunch said, “PPG achieved
full-year sales from continuing operations of $15.1 billion, up 12
percent from 2012. We delivered record full-year earnings from
continuing operations, supported by record earnings in each major
geographic region.
“We also continued to drive organic growth by investing in many of our
operations throughout the world, spending $515 million in 2013, our
highest capital spending level in more than 10 years,” Bunch said.
In 2013 and into 2014, PPG initiated several key growth projects to
establish and expand manufacturing capabilities in emerging regions, and
increase capacity in North America due to the continued strong economic
conditions.
Looking ahead, Bunch said, “Our focus this year remains on growing the
company. To help drive growth in each of our businesses and regions, we
are continuing to evaluate potential acquisitions; expanding our organic
capital spending; emphasizing our new product development pipeline;
investing more in PPG’s brands; and continuing to expand our
sustainability initiatives across the world.”
At the meeting, shareholders re-elected directors Stephen F. Angel, Hugh
Grant and Michele Hooper and passed a non-binding resolution to approve
the compensation of the company’s named executive officers.
Additionally, shareholders ratified the appointment of
PricewaterhouseCoopers LLP as the company’s independent registered
public accounting firm for 2014. Shareholder votes were not sufficient
to approve a proposal to replace the supermajority voting provisions in
the company’s Articles of Incorporation or to pass a shareholder
proposal requiring the Chairman of the Board to be an independent
director. The company also recognized the distinguished service of three
directors who retired from the Board, effective at the annual meeting.
The retired directors are Robert Mehrabian, chairman of the board,
president and chief executive officer of Teledyne Technologies Inc.;
Robert Ripp, chairman of Lightpath Technologies; and David Whitwam,
retired chairman of the board and chief executive officer of Whirlpool
Corporation.
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.
Bringing innovation to the surface is a trademark of PPG
Industries Ohio, Inc.
Source: PPG Industries
PPG Industries
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