PPG Industries Q2 net sales up 5% to $4.1bn

18 Jul '14

3 min read

“Strategically, we continue to complete significant actions focused on expanding our global coatings presence,” Bunch said. “We closed several small acquisitions this year, and most noteworthy, we reached agreement to acquire Comex – one of the highest-quality coatings businesses in the world. We are excited about the value this transaction brings to PPG.

“Looking forward, we remain highly focused on deploying our strong cash position and balance sheet for additional earnings-accretive opportunities. We anticipate moderate global expansion and believe that our geographic diversity, coupled with our previous structural cost reductions, will allow us to continue to deliver excellent earnings performance from increased global demand,” Bunch concluded.

PPG announced June 30 it had reached an agreement to acquire Consorcio Comex, a leading Latin American architectural and industrial coatings company, in a transaction valued at $2.3 billion.

PPG reported cash and short-term investments totaling $2.9 billion at quarter-end and noted that it repurchased $100 million, or about 500,000 shares, of PPG stock during the quarter. The company also reaffirmed its intention to spend a total of $3 billion to $4 billion in 2014 and 2015, combined, on acquisitions and share repurchases.

PPG Industries

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