PPG highlights 2023 performance during annual meeting of shareholders
19 April 2024 - 1:28AM
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.
CATEGORY Corporate
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PPG Media Contact: Mark Silvey Corporate Communications
silvey@ppg.com
PPG Investor Contact: Jonathan Edwards Investor Relations
+1-412-434-3466 jonathanedwards@ppg.com investor.ppg.com
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