Both of PPG’s coatings segments reached third quarter sales records, the company reported. Performance and applied coatings segment sales for the quarter increased $163 million, or 20%. Industrial coatings segment sales for the quarter increased $90 million, or 11%.
In addition, Charles E. Bunch, PPG’s chairman and CEO said the company is accelerating the transformation of its business portfolio. “We recently announced the pending acquisition of SigmaKalon and the divestiture of our automotive glass and fine chemicals businesses,” he said. “These pending transactions will dramatically enhance our focus on coatings and optical and specialty products and significantly shift our geographic presence. When these deals are completed, more than 50% of our sales will be outside the U.S. and Canada.
“Looking ahead, we expect the North American economy to soften further,” Bunch continued. “But it should still provide slight growth. Equally important to PPG, the economies outside of North America will continue to provide consistent opportunities for solid growth.”