PPG's board authorizes additional 10 million share repurchasing program, effective Oct. 20; in October 2010, board authorized initial 10 million share repurchase program
Alison Gallant
PITTSBURGH
,
October 21, 2011
(press release)
–
PPG Industries (NYSE:PPG - News) announced today that its board of directors yesterday authorized the repurchase of an additional 10 million shares of outstanding common stock. The new authorization is effective immediately, does not expire and gives management discretion in determining the conditions under which shares may be purchased from time to time.
Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may commence or cease from time to time without prior notice.
In October 2010, PPG’s board of directors authorized a repurchase program for 10 million shares, of which approximately 1.7 million shares remained as of Sept. 30, 2011.
“In the three years since PPG completed the SigmaKalon acquisition in 2008, our average annual cash from operations grew by nearly 30 percent versus the prior five-year average, providing us with additional cash to grow earnings and return to shareholders,” said David B. Navikas, PPG senior vice president, finance and chief financial officer. “Since the beginning of 2010, we have used a portion of our expanded cash position to repurchase about 16 million shares of stock, reducing PPG’s outstanding share count by nearly 10 percent, as we believe such repurchases are an excellent means to reward our shareholders.”
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2010 were $13.4 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com.
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