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PPG highlights 2023 performance during annual meeting of shareholders

By: via Business Wire

PPG (NYSE: PPG) today held its annual meeting of shareholders where Tim Knavish, PPG chairman and chief executive officer, highlighted the company’s 2023 record performance.

PPG achieved records in sales, adjusted earnings per diluted share and operating cash flow in 2023. The company reported full-year net sales of approximately $18.2 billion, up about 3% versus the prior year. In 2023, organic sales were higher by 3%, driven by higher selling prices, and the company delivered on its commitment to execute strong margin improvement. PPG generated full-year operating cash flow of $2.4 billion.

“I want to thank and recognize our more than 50,000 PPG team members who delivered excellent results for the company in 2023, our 140th year. The resiliency of our global business portfolio combined with the efforts and determination of our people to “make it happen” for our customers were key factors in our ability to overcome a challenging macro environment and deliver on our purpose — to protect and beautify the world,” said Knavish. “The success of the team’s work throughout the year has enabled PPG to continue to reward our shareholders, as we paid about $600 million in dividends and completed about $100 million of share repurchases in 2023.”

PPG has raised its annual dividend payout for 52 consecutive years and has paid uninterrupted annual dividends for 124 years.

Knavish also highlighted several key sustainability actions and achievements in 2023:

  • PPG became the first U.S.-based coatings manufacturer to receive validation from the Science Based Targets initiative (SBTi) for scope 1, 2 and 3 greenhouse gas emissions reduction targets.
  • The company announced 2030 sustainability goals that focus on driving sales of sustainably advantaged products that help customers achieve their sustainability objectives.
  • PPG and the PPG Foundation continued to support communities around the world by investing more than $17.5 million in numerous nonprofit organizations in nearly 40 countries.
  • PPG completed the 500th COLORFUL COMMUNITIES® project. Over the course of 500 projects, PPG employee volunteers have reached diverse communities and important spaces in need of bright and colorful transformations, positively impacting more than 9.2 million people in 50 countries.

PPG will publish its latest ESG report in May.

Looking ahead, Knavish said: “We are eager to build on the progress we’ve achieved in 2023, deliver positive sales volume in 2024, and leverage key share gains in several businesses. The team is focused on further executing on our enterprise growth strategy and continuing to deliver on several key growth initiatives, including powder coatings, electric vehicle products, customer productivity solutions, and customer-facing digital solutions.”

At the meeting, shareholders re-elected directors Michael W. Lamach, retired Executive Chair and Chief Executive Officer of Trane Technologies plc; Martin H. Richenhagen, retired Chairman, President and Chief Executive Officer of AGCO Corporation; Christopher N. Roberts III, Executive Vice President and General Manager, Global Food and Beverage of Ecolab Inc.; and Catherine R. Smith, Chief Financial Officer and Treasurer of Nordstrom, Inc.

Shareholders also approved the compensation of the named executive officers and approved proposals to amend the articles of incorporation to provide shareholders with the right to call a special meeting and to provide for the exculpation of officers of the company. They also ratified PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2024.

To learn more about PPG’s progress in 2023, visit annualreport.ppg.com/

PPG: WE PROTECT AND BEAUTIFY THE WORLD®

At PPG (NYSE: PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $18.2 billion in 2023. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.

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