PPG anticipates asbestos funding in the first half of 2016
PITTSBURGH--(BUSINESS WIRE)--Jan. 6, 2016--
PPG Industries (NYSE:PPG) today announced that all pending appeals of
the Pittsburgh Corning Plan of Reorganization have been withdrawn. The
Pittsburgh Corning Plan was confirmed by the U.S. Bankruptcy Court for
the Western District of Pennsylvania in May 2013.
Under the plan, PPG and its participating insurers will make initial
contributions to the asbestos trust established by the plan within 30
business days after the plan becomes effective and all conditions to
funding have been met. PPG anticipates that those conditions to funding
will be satisfied and funding will take place in the first half of 2016.
PPG and Corning Incorporated are each 50-percent shareholders of
Pittsburgh Corning, which filed for Chapter 11 bankruptcy protection in
2000.
PPG: BRINGING INNOVATION TO THE SURFACE.™
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 more
than 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.
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 of
the funding of the trust. Actual events may differ materially from
current expectations and are subject to a number of risks and
uncertainties, including the satisfaction of the conditions to the
funding of the trust, the timing of the funding of the trust 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 and the PPG
Logo is a registered trademark of PPG Industries Ohio, Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160106006713/en/
Source: PPG Industries
Media:
PPG Corporate Communications
Mark Silvey,
+1-412-434-3046
silvey@ppg.com
or
Investors:
PPG
Investor Relations
Scott Minder, +1-412-434-3466
sminder@ppg.com