YEAR ESTABLISHED: 1883
REVENUE: $14.25 billion s (2013: $12.78 billion)
• Aerospace coatings • Packaging coatings • Automotive OEM coatings • Industrial coatings • Automotive refinish coatings • Protective and Marine coatings • Architectural coatings • Specialty coatings and materials
Charles E. Bunch, chairman and CEO; Michael H. McGarry, executive VP; Viktor R. Sekmakas, executive VP; Cynthia A. Niekamp, senior VP, automotive OEM coatings; Bryan Iams, VP, corporate and government affairs; Charles F. Kahle II, VP, coatings research and development and CTO; Marcos Achar Levy, VP, Architectural Coatings, Latin America, and CEO, PPG-Comex; Shelley J. Bausch, VP, Global Industrial Coatings; David J. Cole, VP, Packaging Coatings; Barry N. Gillespie, VP, Aerospace Products; Anup Jain, VP, Specialty Coatings and Materials; Timothy M. Knavish, VP, Global Protective and Marine Coatings; John R. Outcalt, VP, Global Automotive Refinish; Jean-Marie Greindl, president, PPG EMEA, and VP, Automotive Coatings, EMEA; Michael Horton, president, PPG Asia Pacific, and VP, Protective and Marine Coatings, Asia Pacific; Gregory B. Benckart, VP, Automotive Refinish, Americas; Kevin D. Braun, VP, Industrial Coatings, Americas; Gary R. Danowski, VP, Automotive Refinish, EMEA; Diane Kappas, VP, Protective and Marine Coatings, Americas; Matt C. Marek, VP, Automotive Coatings, Americas; John C. Richter, VP, Operations, Coatings, Asia Pacific; Vincent Robin, VP, Automotive Coatings, Asia Pacific; Scott B. Sinetar, VP, Architectural Coatings, North America; Ram Vadlamannati, VP, Architectural Coatings, EMEA and Asia Pacific; Willie Wu (Chunping), VP, Industrial Coatings, Asia Pacific; Pauline Yuen, VP, Refinish Coatings and Light Industrial Coatings, Asia.
Sales of PPG Industries’ three coatings business segments – Performance Coatings, Industrial Coatings and Architectural Coatings EMEA – combined for $14.25 billion in revenue in 2014, up from $12.78 billion the year before.
“PPG achieved record results in 2014 and further strengthened its position as the world’s leading and largest coatings company,” Charles Bunch, chairman and CEO of PPG stated in the company’s annual report. “Thanks to our customers and employees throughout the world, 2014 was another successful year for our 131-year-old company, both financially and strategically. We achieved record financial results that have further strengthened our leading position within the global coatings industry.”
PPG also completed several important strategic acquisitions in 2014 to drive future earnings growth. “Most notably, we acquired Comex, the leading architectural coatings company in Mexico,” Bunch said. “This was the second largest acquisition in PPG’s history and positions us as the number one coatings company in this important and growing economy. We are pleased to have added this high-quality business to the PPG family.”
The transaction, valued at $2.3 billion, added a leading architectural coatings business to PPG’s portfolio. Comex manufactures coatings and related products in Mexico and sells them in Mexico and Central America through more than 3,700 stores that are independently owned and operated by more than 700 concessionaires. Comex also sells PPG’s products through regional retailers and wholesalers and directly to customers.
PPG also made several targeted acquisitions that strengthened its diverse coatings product portfolio, such as The Homax Group, Hi-Temp Coatings and Canal Supplies. The Homax Group is the industry’s leading supplier of decorative aerosol drywall and ceiling texturing applications utilized primarily for home repair. In addition, it supplies various epoxy finishes, patching, caulking and mesh tape repair products, and other painting tools and accessories. The company’s products are sold through major home improvement centers, hardware stores and paint suppliers. Hi-Temp Coatings Technology manufactures industry-leading coatings that withstand extreme temperatures to protect both carbon steel and stainless steel substrates in stacks, piping, boilers and similar equipment. Hi-Temp coatings products are used widely in refineries, petrochemical plants, pulp and paper mills, and power plants.
PPG has ambitious plans for 2015 and beyond. “As we look forward into 2015, we expect sales of our coatings businesses to approach 95 percent of PPG’s total sales,” Bunch stated. “We are well positioned to benefit from continuing global growth due to our broad geographic reach, excellent product offering, and pipeline of new and innovative products. Additionally, we will maintain our heritage of operational excellence and cost management.”
• Hi-Temp Coatings Technology (protective and marine coatings) – acquired March 2014
• Divested 51 percent ownership interest in Transitions Optical joint venture and wholly-owned sunlens business (specialty coatings and materials) – closed April 2014
• Canal Supplies Inc. (protective and marine coatings) – acquired June 2014
• The Homax Group (architectural coatings – Americas) – acquired July 2014
• Consorcio Comex, S.A. de C.V. (architectural coatings – Americas; established PPG-Comex business) – acquired November 2014