Sticking to Knitting' Benefits PPG, Chairman Says

Date: 19 April 2003
Source: Yahoo

Date: 19 April 2003

PPG Industries Chairman and Chief Executive Officer Raymond W. LeBoeuf told shareholders here today the company's decision to "stick to its knitting" has enabled the global manufacturer of coatings, glass, fiber glass and chemicals to outperform its peers during the economic slowdown.

"Furthermore, our commitment to growing earnings and cash flow from the businesses and technologies we know best positions us to benefit fully when the global economy expands," LeBoeuf said at PPG's annual meeting of shareholders.

LeBoeuf said PPG's decision to add to its coatings portfolio -- "businesses that we have known for the past 100 years" -- has improved the quality of the company's business portfolio. Generating significantly better earnings growth and consistency than PPG's other segments, coatings accounts for more than half of corporate sales and 70 percent of operating income.

Meanwhile, LeBoeuf said PPG's commitment to research and development has generated organic growth. He cited Next Generation Transitions photochromic ophthalmic lenses as an example.

"Development of this product reached its peak just as the economy began to slip in 2000, but we maintained our commitment to R&D, saw the product development through to its completion, and today we're enjoying the benefit of sticking to our knitting," said LeBoeuf, noting significant increases in sales and earnings for the company's optical products business.

PPG's commitment to sticking to its knitting also extends to its efforts in quality, environment, health, safety and ethics, LeBoeuf said. "This company and its people are committed to conducting themselves in a way that honors our proud and distinguished past and will enable us to realize our full potential with uncompromising integrity."

PPG shareholders elected four incumbent directors to three-year terms: Charles E. Bunch, president and chief operating officer, PPG Industries; Robert Ripp, chairman of Lightpath Technologies; Thomas J. Usher, chairman and chief executive officer of United States Steel Corporation; and David R. Whitwam, chairman and chief executive officer, Whirlpool Corporation. Terms of PPG's six other directors expire in 2004 or 2005.

By a 52-percent majority of votes cast, constituting 34 percent of shares outstanding, shareholders approved a proposal recommending the board establish a policy for the expensing of future stock options.


600450 Sticking to Knitting' Benefits PPG, Chairman Says glassonweb.com

See more news about:

Others also read

MORE...

Southwall Technologies Secures New Bank Loan and Equity Financing Agreement Led by Needham & Company
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
Emirates Glass wins major deals
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Micro-Tek Canada, Inc. and Co-Ventures in Glass Containers, Ltd.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.
Autoglass maker dumps dumping charges
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
History of Glass Wine Bottles
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair's Specialty Gases Plant Attains New ISO 9000 Standard
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.

Add new comment