• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Pigments Market

    The Architectural Paint Market Enjoys a Strong 2022

    The Buyers’ Guide

    Auto Refinish Market

    The 2022 Protective Additives Directory
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    Epoxytec Announces New Website Launch

    Paints and Coatings Market Worth $212B by 2026: MarketsandMarkets

    Axalta Releases Fourth Quarter and Full Year 2022 Results

    AkzoNobel Using 100% Renewable Electricity in North America

    Program for BIG IDEAS for UV+EB Technology 2023 Announced
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    Epoxytec Announces New Website Launch

    Advanced Polymer Coatings Lands Multiple Turkish Tanker Deals

    Rust-Oleum Names Gloss Grape as Spray Paint Color of the Year

    Cortec Launches EcoAir Biobased Outdoor Coating

    Chrome Alternative from AkzoNobel Saves Turkish Bike Manufacturer 40% on Energy Costs
    Additives
    Binders
    Pigments
    Solvents

    Univar Solutions Announces New Distribution Relationship

    OQ Chemicals Invests in Capacity Expansion to Support Carboxylic Acids Market

    Solvay to Relocate to New Headquarters

    Peninsula Polymers Awarded Bronze Sustainability Rating from EcoVadis

    Project Air to Receive €97 Million Under Agreement with Innovation Fund
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Arkema

    Shepherd Color Company, The

    Active Minerals

    Siltech Corporation

    Clariant Additives
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Saudi Arabia Coatings Show

    Southern Society for Coatings Technology Annual Meeting and Technology Conference

    Eastern Coatings Show

    CPCA Annual Conference

    66th Annual Sink or Swim
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Arkema

    Shepherd Color Company, The

    Active Minerals

    Siltech Corporation

    Clariant Additives
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    PPG Announces Completion of Strategic Business Review

    ...

    PPG Announces Completion of Strategic Business Review
    Related CONTENT
    • PPG Receives 2019 RESPONSIBLE CARE Chairman's Award from AICM
    • Color Trends: How to Identify Them, How Long it Takes and Where They're Headed
    • PPG Receives Airbus Best Performer Award as Flight-deck Window Supplier
    • CEO Forum Part 2: Focus on R&D
    • PPG Publishes 2018 Sustainability Report
    05.21.19
    PPG announced that two separate and independent reviews of its business portfolio were completed by Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, with each firm independently conducting multi-faceted evaluations of PPG’s business portfolio, including potential separation opportunities. 
     
    PPG’s Board of Directors and executive management team recently received a full report from each advisor with respect to their independent reviews. Based on these reports and its own evaluation, the Board has determined that maintaining the company’s current business portfolio composition, including its architectural and industrial coatings businesses, provides the best opportunity to maximize long-term shareholder value.  
     
    "PPG’s Board of Directors commissioned a strategic review process by two independent advisors, with a focus on long-term shareholder value, along with the guidance of ‘nothing is sacred,’” said Hugh Grant, PPG’s lead independent director. “The independent findings made clear, and after its own review of these findings, the Board concluded that the current business portfolio provides the best opportunity to drive long-term shareholder value. The Board and management team remain strongly aligned and accountable for delivering on the company’s current year commitments and future growth potential.”
     
    "The two independent advisors performed thorough reviews and their similar conclusions clearly indicate the value of maintaining our current business portfolio, including architectural and industrial coatings, as the best strategic path to maximize shareholder value. By maintaining our current portfolio, we avoid negative commercial, operational and procurement impacts and preserve full strategic flexibility for the future,” said Michael H. McGarry, PPG chairman and CEO. “As we have done consistently, we will continue our ongoing strategic assessment of all our businesses, ensuring each business continually earns its place in our portfolio based on current performance and future expectations.
     
    “In addition, we recently concluded an engagement by a globally-recognized consulting firm focused on operational and growth investment reviews for our U.S. and Canada architectural coatings business, targeting full and rapid earnings recovery following the prior year customer assortment changes," McGarry continued. "Recommendations from this engagement include driving certain commercial network optimizations, implementing further cost structure improvements, utilizing additional sales effectiveness tools and adopting new digital technologies. We are executing these initiatives with the goals of achieving full recovery of our profitability next quarter and positioning the business for continued success.
     
    “Also, while we remain a top quartile performer in our overhead and corporate cost structures, we conducted a rigorous internal operational and organizational review and identified certain opportunities for the company to further improve operating efficiency and maintain commercial excellence,” McGarry added. “As a result, we are working to finalize a new cost savings program with targeted full-year run rate savings of about $125 million. We expect to provide additional detail with the release of our second quarter financial results; however, the final program is expected to include:
    • Further manufacturing optimization;
    • Targeted pruning of low-profit business in certain regions;
    • Exiting certain smaller product lines that are not meeting profitability objectives;
    • Reorganization of certain business unit cost structures based on the current economic climate;
    • Certain redundancy actions related to recent acquisitions;
    • Second quarter charge in the range of $185 to $200 million, excluding certain non-cash items"
     
    Related Searches
    • industrial
    • ppg
    • coatings
    • architectural coatings
    Suggested For You
    PPG Receives 2019 RESPONSIBLE CARE Chairman PPG Receives 2019 RESPONSIBLE CARE Chairman's Award from AICM
    Color Trends: How to Identify Them, How Long it Takes and Where They Color Trends: How to Identify Them, How Long it Takes and Where They're Headed
    PPG Receives Airbus Best Performer Award as Flight-deck Window Supplier PPG Receives Airbus Best Performer Award as Flight-deck Window Supplier
    CEO Forum Part 2: Focus on R&D CEO Forum Part 2: Focus on R&D
    PPG Publishes 2018 Sustainability Report PPG Publishes 2018 Sustainability Report
    PPG Marks Growth in 2018, 135th Anniversary at Annual Meeting PPG Marks Growth in 2018, 135th Anniversary at Annual Meeting
    Smith, Davis Join PPG Board of Directors Smith, Davis Join PPG Board of Directors
    PPG Reports 1Q 2019 Financial Results PPG Reports 1Q 2019 Financial Results
    PPG Announces Paint Partnership with NFL PPG Announces Paint Partnership with NFL's Raiders
    PPG Announces Full-Year 2019 Financial Guidance PPG Announces Full-Year 2019 Financial Guidance
    PPG Highlights Wood Coatings Products, More at International Surface Event PPG Highlights Wood Coatings Products, More at International Surface Event
    PPG Reports 4Q, Full-year 2018 Financial Results PPG Reports 4Q, Full-year 2018 Financial Results
    PPG Highlights Coatings Developments for Autonomous, Connected, Electric, Shared Vehicles PPG Highlights Coatings Developments for Autonomous, Connected, Electric, Shared Vehicles
    PPG Completes COLORFUL COMMUNITIES Project in Milwaukee, Wisconsin PPG Completes COLORFUL COMMUNITIES Project in Milwaukee, Wisconsin
    PPG Acquires Automotive Coatings Manufacturer Hemmelrath PPG Acquires Automotive Coatings Manufacturer Hemmelrath

    Related Breaking News

    • Breaking News
      PPG Receives 2019 RESPONSIBLE CARE Chairman

      PPG Receives 2019 RESPONSIBLE CARE Chairman's Award from AICM

      PPG awarded 2019 RESPONSIBLE CARE Chairman's Award from Association of International Chemical Manufacturers
      05.13.19

    • Color Trends: How to Identify Them, How Long it Takes and Where They

      Color Trends: How to Identify Them, How Long it Takes and Where They're Headed

      Over the past few months, several major paint and coatings companies announced either their 2019 Color of the Year or their list of color trends and forecasts.
      Anthony Locicero, Associate Editor 05.10.19

    • Breaking News | Paint & Coatings Manufacturer News
      PPG Receives Airbus Best Performer Award as Flight-deck Window Supplier

      PPG Receives Airbus Best Performer Award as Flight-deck Window Supplier

      Company honored for 100% on-time deliveries, zero quality deviations.
      05.08.19


    • CEO Forum Part 2: Focus on R&D

      CEO Forum Part 2: Focus on R&D

      CEOs of top coatings talk about the importance of R&D.
      Kerry Pianoforte, Editor 04.25.19

    • Breaking News | Paint & Coatings Manufacturer News
      PPG Publishes 2018 Sustainability Report

      PPG Publishes 2018 Sustainability Report

      ...
      04.22.19

    Loading, Please Wait..
    Trending
    • Sherwin-Williams Announces And Celebrates 2022 Vendor Of The Year Award Winners
    • Axalta Releases Fourth Quarter And Full Year 2022 Results
    • AkzoNobel Using 100% Renewable Electricity In North America
    • PPG Reports Fourth Quarter, Full-Year 2022 Financial Results
    • PPG Names New Packaging Coatings Global Technical Director
    Breaking News
    • Epoxytec Announces New Website Launch
    • Paints and Coatings Market Worth $212B by 2026: MarketsandMarkets
    • Axalta Releases Fourth Quarter and Full Year 2022 Results
    • AkzoNobel Using 100% Renewable Electricity in North America
    • Program for BIG IDEAS for UV+EB Technology 2023 Announced
    View Breaking News >
    CURRENT ISSUE

    January 2023

    • Pigments Market
    • The Architectural Paint Market Enjoys a Strong 2022
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    Nutrasource Rebrands Clinical Trial Site to Apex Trials
    Kerry Sponsors Upcycled Food Foundation Research Fellowship
    Probiotics Supplementation Reduces Complications in Colorectal Cancer Patients
    Coatings World

    Latest Breaking News From Coatings World

    Epoxytec Announces New Website Launch
    Paints and Coatings Market Worth $212B by 2026: MarketsandMarkets
    Axalta Releases Fourth Quarter and Full Year 2022 Results
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    MPO's Most-Read Stories This Week—Jan. 28
    Alleviant Medical Closes $75M Financing Round
    Know Labs Founder Ron Erickson Named CEO
    Contract Pharma

    Latest Breaking News From Contract Pharma

    SK bioscience Introduces New Global Partnership Model for Vaccines
    Merck's KEYTRUDA Wins Expanded Approval in Non-Small Cell Lung Cancer
    Bone Biologics Engages Avania for NB1 Clinical Trial
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    LVMH Reports Record 2022
    Haircare Brand Uncle Funky’s Daughter Announces Retail Expansion
    TRESemmé Introduces New Pro Infusion Collection
    Happi

    Latest Breaking News From Happi

    Alix Earle, Jonathan Monroe Are Fast-Growing Beauty Influencers on Instagram
    Fragrance Creators Launches First-of-its-Kind Data Insights Program
    The Lip Bar Enters the Skin Care Category with First-Ever Skincare Collection
    Ink World

    Latest Breaking News From Ink World

    Weekly Recap: Sustainability and Pigments, TSCA and Raw Materials Top This Week’s Stories
    Roland DGA Announces Major Expansion of TrueVIS Printer Family
    Neos Expands Production Capacity, European Market Presence
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Label industry mourns CCL's Alan Horn, Baldwin focuses on narrow web and more
    Channeled Resources launches blank labels with PET liner
    Infigo partners with Four Pees in Benelux region
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Essity’s Sales Grow
    Thinx to Pay up to $5 million to Settle Class Action Suit
    Typar Highlighting New Building Innovations
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    ODT's Most-Read Stories This Week—Jan. 28
    Roche, Sysnav Partner on Movement Tracking Tech for Neuromuscular Disorders
    Orthopedic Braces/Support, Casting/Splints Market to Top $12B by 2030
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Weekly Recap: Avery Dennison, CES 2023 and Canatu’s LiDAR Deicing Top This Week’s Stories
    Celanese Launches Nine New Conductive Inks
    NREL Develops Thin, Lightweight Layer for Radiation Barrier for Perovskites in Space

    Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login