PITTSBURGH--(BUSINESS WIRE)--Apr. 16, 2015--
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, 2014 was
another successful year for our 131-year-old company, both financially
and strategically,” Bunch said. “We completed several actions to further
strengthen our global coatings leadership position.”
Bunch highlighted some of the company’s recent strategic actions,
including several acquisitions strengthening PPG’s coatings product
portfolio, which now comprises approximately 93 percent of the company.
He noted that the successful acquisition of Comex – the second-largest
such transaction in PPG’s history – added one of the highest-quality
coatings businesses in the world to PPG.
Also mentioned were the 2014 acquisitions of The Homax Group, Hi-Temp
Coatings and Canal Supplies, as well as significant divestitures
including the sale of PPG’s ownership interest in Transitions Optical
and the sale of its glass manufacturing facility in Mount Zion, Illinois.
Commenting on the company’s 2014 performance, Bunch said, “We achieved
record net sales from continuing operations of $15.4 billion, an
increase of 8 percent. We also had record adjusted earnings per diluted
share from continuing operations of $9.75, up 27 percent. In addition,
our increased capital investments in 2014 supported several major growth
projects throughout the world.”
Bunch highlighted expansion projects in Cleveland, Ohio; Tianjin and
Zhangjiagang, China; San Juan del Rio, Querétaro, Mexico; and Sumaré,
São Paulo, Brazil, which he said will support demand growth for the
company’s coatings. He noted PPG’s architectural coatings business is
currently introducing the PPG PAINTS™ brand across its network of more
than 630 U.S. company-owned stores. Bunch also discussed the company’s
investment in its headquarters community of Pittsburgh, where it opened
a new regional headquarters for its U.S. and Canadian architectural
coatings business and completed construction of a new research and
development laboratory for architectural coatings. In addition to
capital investments, he indicated that the company invested more than
$500 million in 2014 for research and development.
“Our investments in several of these projects will continue into this
year, and we anticipate 2015 capital spending will range from 3.5
percent to 4 percent of sales as we continue our focus on profitable
global growth,” Bunch said.
Looking ahead, Bunch said, “We are well-positioned to benefit from
continuing global growth due to our broad geographic reach, excellent
product offering and pipeline of new and innovative products.”
The company announced at the meeting that Michael W. Lamach, chairman,
president and CEO of Ingersoll-Rand plc, was elected to serve on PPG’s
board of directors. Lamach has been in his current role with
Ingersoll-Rand since June 2010. Previously he served in leadership roles
such as president and CEO from February to June 2010; president and
chief operating officer starting in February 2009; president of the
company’s Trane Commercial Systems business starting in June 2008; and
president of its Security Technologies sector starting in February 2004.
Prior to joining Ingersoll-Rand, Lamach spent 17 years in various
management positions with Johnson Controls. He currently serves as a
member of the Executive Committee of the National Association of
Manufacturers.
At the meeting, shareholders also re-elected directors Bunch, Martin H.
Richenhagen and Thomas J. Usher, and they passed a non-binding
resolution to approve 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 2015. Shareholder votes were not sufficient
to approve a proposal to replace the supermajority voting provisions in
the company’s Articles of Incorporation.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to be the world’s leading coatings company by
consistently delivering high-quality, innovative and sustainable
solutions that customers trust to protect and beautify their products
and surroundings. Through leadership in innovation, sustainability and
color, PPG provides added value to customers in construction, consumer
products, industrial and transportation 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. Reported net sales in 2014 were
$15.4 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 and PPG Paints are
trademarks and the PPG Logo is a registered trademark of PPG
Industries Ohio, Inc.
Source: PPG Industries, Inc.
PPG Industries, Inc.
Media:
Mark Silvey, PPG Corporate
Communications, 1-412-434-3046
silvey@ppg.com
or
Investors:
Vince
Morales, PPG Investor Relations, 1-412-434-3740
vmorales@ppg.com