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PPG INDUSTRIES (PPG)

PPG Industries, Inc. is a multinational manufacturer specializing in the production of coatings and specialty materials. The company operates through two main business segments: Performance Coatings and Industrial Coatings, supplying a wide range of protective and decorative coatings, adhesives, sealants, and related chemicals . PPG's products are distributed globally, serving diverse markets such as industrial equipment, packaging, automotive, aerospace, and architectural applications .

  1. Performance Coatings - Supplies protective and decorative coatings, adhesives, sealants, finishes, paint strippers, stains, and related chemicals. This segment includes automotive refinish coatings, aerospace coatings, architectural coatings (Americas, Asia Pacific, and EMEA), protective and marine coatings, and traffic solutions.
  2. Industrial Coatings - Provides a variety of protective and decorative coatings and finishes, adhesives, sealants, metal pretreatment products, optical monomers and coatings, low-friction coatings, paint films, precipitated silicas, and other specialty materials. This segment includes automotive original equipment manufacturer (OEM) coatings, industrial coatings, packaging coatings, and specialty coatings and materials.

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NamePositionExternal RolesShort Bio

Timothy M. Knavish

ExecutiveBoard

Chairman and CEO

Director at Rockwell Automation, Inc.

Joined PPG in 1987; became Chairman and CEO in October 2023. Extensive experience in coatings and acquisition strategy.

View Report →

Amy R. Ericson

Executive

Senior Vice President, Protective and Marine Coatings

None

Joined PPG in January 2023; previously led Packaging Coatings.

Chancey E. Hagerty

Executive

Senior Vice President, Automotive Refinish Coatings

None

Joined PPG in 2020; became SVP in May 2023. Previously led global industrial coatings.

K. Henrik Bergström

Executive

Senior Vice President, Architectural Coatings, Latin America, EMEA, and Asia Pacific

None

Joined PPG in 2017; oversees architectural coatings in key global regions.

Kevin D. Braun

Executive

Senior Vice President, Operations

None

Joined PPG in 1991; became SVP of Operations in October 2024. Extensive experience in coatings and industrial segments.

Vincent J. Morales

Executive

Senior Vice President and CFO

None

Joined PPG in 2007; CFO since March 2017. Long-standing leadership in finance and investor relations.

Catherine R. Smith

Board

Director

CFO and Treasurer of Nordstrom, Inc.; Director at Baxter International Inc.

Director since 2019; extensive financial leadership experience, including roles at Target and Bright Health Group.

Christopher N. Roberts III

Board

Director

Trustee at Young Life

Director since October 2023; extensive leadership experience in food and beverage industries.

Gary R. Heminger

Board

Director

Director at Fifth Third Bancorp

Director since 2017; former Chairman and CEO of Marathon Petroleum Corporation.

Guillermo Novo

Board

Director

Chairman and CEO of Ashland Inc.

Director since 2021; also leads Ashland Inc. as Chairman and CEO.

Kathy L. Fortmann

Board

Director

Director at FMC Corporation

Director since July 2024; nearly 35 years of global business experience in food, agriculture, and specialty chemicals.

Martin H. Richenhagen

Board

Director

Director at Linde plc and Daimler Truck Holding AG

Director since 2007; extensive experience in global manufacturing and corporate governance.

Melanie L. Healey

Board

Director

Director at Hilton Worldwide, Verizon Communications, and Kenvue Inc.

Director since 2016; former Group President at Procter & Gamble.

Michael W. Lamach

Board

Independent Lead Director

Director at Honeywell International Inc. and Nucor Corporation

Director since 2015; became Independent Lead Director in October 2023. Former Chairman and CEO of Trane Technologies.

  1. Given that general industrial activity in the U.S. and Europe was lackluster and your Industrial Coatings organic sales declined by a mid-single-digit percentage despite growth in China and India, what specific strategies are you implementing to reverse this trend and drive growth in these regions?
  2. With the divestiture of your Architectural Coatings U.S. and Canada business for $550 million and the announced restructuring program to eliminate stranded costs and rationalize your footprint, how confident are you in achieving the projected $175 million in savings, and what challenges do you foresee in fully realizing these savings?
  3. In the Aerospace business, despite your optimism for high single-digit growth in the fourth quarter and an outstanding year in 2025, how are you addressing potential risks such as customer strikes and supply chain disruptions that could impact your growth projections?
  4. Considering the decrease in insurance claims affecting your automotive refinish business due to factors like higher totals and consumers not turning in claims, what strategies are you employing to mitigate this impact and sustain growth in this market segment?
  5. With the recent thinning of your M&A pipeline and your commitment to only pursue acquisitions where you have a strong right to win, what specific criteria are you using to evaluate potential targets, and how will you ensure these acquisitions align with your strategic focus and deliver shareholder value?

Research analysts who have asked questions during PPG INDUSTRIES earnings calls.

Arun Viswanathan

RBC Capital Markets

5 questions for PPG

Also covers: ALB, AMBP, AMCR +23 more

David Begleiter

Deutsche Bank

5 questions for PPG

Also covers: ALB, APD, ASH +24 more

Frank Mitsch

Fermium Research

5 questions for PPG

Also covers: AVNT, CE, CTVA +12 more

Ghansham Panjabi

Robert W. Baird & Co.

5 questions for PPG

Also covers: AMCR, ATR, AVNT +20 more

John McNulty

BMO Capital Markets

5 questions for PPG

Also covers: APD, ASH, AVY +14 more

Kevin McCarthy

Vertical Research Partners

5 questions for PPG

Also covers: ALB, ALTM, APD +17 more

Michael Sison

Wells Fargo

5 questions for PPG

Also covers: ALB, APD, ASH +15 more

Patrick Cunningham

Citigroup

5 questions for PPG

Also covers: ALB, APD, AXTA +17 more

Jeffrey Zekauskas

JPMorgan Chase & Co.

4 questions for PPG

Also covers: ALB, APD, ASH +29 more

John Ezekiel Roberts

Mizuho Securities

4 questions for PPG

Also covers: ALB, APD, ASH +21 more

Vincent Andrews

Morgan Stanley

4 questions for PPG

Also covers: ALB, AVNT, AXTA +19 more

Aleksey Yefremov

KeyBanc Capital Markets

3 questions for PPG

Also covers: ALB, ALTM, AXTA +14 more

Aron Ceccarelli

Berenberg

3 questions for PPG

Also covers: CF, MOS, NTR +1 more

Christopher Parkinson

Wolfe Research

3 questions for PPG

Also covers: ALB, APD, ASH +17 more

Josh Spector

UBS Group

3 questions for PPG

Also covers: ALB, AMBP, APD +24 more

Michael Harrison

Seaport Research Partners

3 questions for PPG

Also covers: APD, ASH, AVNT +17 more

Patrick Fischer

Goldman Sachs

3 questions for PPG

Also covers: APD, AXTA, CC +8 more

Chris Parkinson

Wolfe Research, LLC

2 questions for PPG

Also covers: AXTA, CCK, DOW +2 more

Duffy Fischer

Goldman Sachs

2 questions for PPG

Also covers: APD, AXTA, CC +7 more

James Hooper

AB Bernstein

2 questions for PPG

Also covers: APD, LIN

Joshua Spector

UBS

2 questions for PPG

Also covers: ALB, AMBP, APD +37 more

Laurence Alexander

Jefferies

2 questions for PPG

Also covers: AIQUY, ALB, APD +26 more

Laurent Favre

BNP Paribas

2 questions for PPG

Also covers: AIQUY, APD, AXTA +3 more

Matthew Deyoe

Bank of America

2 questions for PPG

Also covers: APD, AXTA, CTVA +8 more

Michael Leithead

Barclays

2 questions for PPG

Also covers: AMBP, APD, AVY +15 more

Ryan Weis

KeyBanc Capital Markets

2 questions for PPG

Also covers: ECVT

Steve Byrne

Bank of America

2 questions for PPG

Also covers: ADM, APD, AXTA +19 more

Daniel Rizzo

Jefferies

1 question for PPG

Also covers: APD, ATR, AZZ +15 more

Jaideep Pandya

On Field Research

1 question for PPG

Also covers: SLVYY

Steven Haynes

Morgan Stanley

1 question for PPG

Also covers: ADM, APD, AVNT +2 more
Program DetailsProgram 1Program 2
Approval DateDecember 2017 April 2024
End Date/DurationNo expiration No expiration
Total additional amount$2.5 billion $2.5 billion
Remaining authorization amountN/A22,726,533 shares
DetailsN/AN/A

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

Akzo Nobel N.V.

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

BASF Corporation

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Kansai Paints

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Nippon Paint

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Benjamin Moore

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Hempel A/S

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

the Jotun Group

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

Listed as a global competitor in the coatings industry, competing in primary markets with global operations.

NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP2013 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Arsonsisi S.p.A. Powder Coatings

2022

PPG acquired the powder coatings business of Arsonsisi S.p.A., with the deal announced on February 7, 2022, expected to close in Q1 2022 subject to customary closing conditions and ultimately completed on April 1, 2022 as part of PPG's strategy to enhance its powder coatings manufacturing capabilities.

Recent press releases and 8-K filings for PPG.

PPG announces Q3 2025 results
·$PPG
Earnings
Guidance Update
New Projects/Investments
  • PPG delivered 2% organic sales growth and a record Q3 EPS of $2.13, driven by both volume and price increases across its global operations.
  • The Performance Coatings segment set a new quarterly sales record with 2% organic growth; aerospace coatings grew double digits, protective & marine coatings posted their 10th consecutive quarter of volume growth, while automotive refinish sales fell by a double-digit percentage.
  • Regional organic sales in Q3 rose by low-single digits in the U.S. & Canada, increased in Latin America and Asia Pacific, and were flat in Europe.
  • Management expects automotive refinish to normalize by mid-2026 as collision claims recover, and anticipates first-half 2026 headwinds amid a cautious macroeconomic outlook.
  • To support a mid-to-high single-digit aerospace sales CAGR over the next three years, PPG is investing over $0.5 billion in capacity expansions, including a new manufacturing facility slated for 2027 commissioning.
25 minutes ago
PPG reports Q3 2025 results
·$PPG
Earnings
Guidance Update
New Projects/Investments
  • Delivered 2% organic sales growth, marking a third consecutive quarter of volume gains, and achieved a record Q3 adjusted EPS of $2.13 (+5% YoY).
  • Performance coatings saw aerospace coatings deliver double-digit organic growth with record sales and earnings, protective & marine coatings recorded a 10th straight quarter of volume growth, while automotive refinish slipped by double digits amid U.S. collision-claims destocking.
  • Global architectural coatings posted mid single-digit organic growth in Mexico and Latin America, flat sales in Europe, and expanded EBITDA margins through pricing and cost controls despite lower volumes and divestitures.
  • Committed over $0.5 billion in near-term OpEx and CapEx to expand aerospace capacity—including a new 2027 facility—and anticipates aerospace revenues to grow at a mid- to high-single-digit CAGR over the next three years.
  • Outlook for 2026 includes continued refinish normalization into mid-2026, a muted industrial backdrop offset by self-help cost actions, pricing support, and share gains; aerospace CapEx is expected to peak in 2025 and then trend toward 3% of sales.
43 minutes ago
PPG announces Q3 2025 results
·$PPG
Earnings
Guidance Update
New Projects/Investments
  • Achieved 2% organic sales growth and record Q3 EPS of $2.13, up 5% year-over-year.
  • Performance coatings delivered record net sales with 2% organic growth; aerospace coatings grew double-digit with order backlog rising to $310 million, and protective & marine coatings saw double-digit growth for the 10th consecutive quarter.
  • Industrial coatings volumes rose 4%, led by automotive OEM net sales up 8% and packaging coatings growing by a double-digit percentage, driving 12% segment EBITDA growth.
  • Deployed capital including $150 million in share repurchases and $160 million in dividends (totaling $1.2 billion YTD), and updated full-year adjusted EPS guidance to $7.60–7.70.
  • Committed over $0.5 billion in additional aerospace investments through 2026 to expand capacity, including a new manufacturing facility slated for 2027, targeting mid-to-high single-digit sales CAGR in aerospace.
3 hours ago
PPG reports Q3 2025 results
·$PPG
Earnings
Share Buyback
Guidance Update
  • PPG delivered Q3 net sales of $4.08 billion, up 1% year-over-year, with 2% organic growth driven by higher volumes and prices.
  • Reported EPS reached a Q3 record of $1.96 and adjusted EPS was $2.13, a 5% increase versus prior year.
  • The company repurchased $150 million of shares in Q3 (total $690 million YTD) and paid $160 million in dividends in the quarter.
  • Full-year 2025 adjusted EPS guidance was raised to $7.60–$7.70.
15 hours ago
PPG reports Q3 2025 results
·$PPG
Earnings
Guidance Update
  • Third consecutive quarter of sales volume growth; net sales of $4.082 billion and 2% organic sales growth year-over-year in 3Q 2025.
  • Performance Coatings delivered record aerospace sales with 2% organic growth and a 21.7% EBITDA margin (-280 bps) in 3Q 2025.
  • Industrial Coatings net sales were $1.656 billion, with volume growth of 4% and a segment EBITDA margin of 17.0% (+180 bps) in 3Q 2025.
  • Cash position of $1.9 billion, net debt of $5.4 billion (2.0× LTM EBITDA), and $310 million returned to shareholders in 3Q 2025.
  • 4Q 2025 guidance: segment organic sales expected to be flat to +LSD; adjusted EPS flat to +LSD; raw material cost inflation in low-single digits.
15 hours ago
PPG reports third quarter 2025 results
·$PPG
Earnings
Share Buyback
Guidance Update
  • Q3 net sales of $4.082 billion (+1% YoY) with 2% organic sales growth driven by higher volumes and prices.
  • Record Q3 EPS of $1.96 and adjusted EPS of $2.13 (+5% YoY).
  • Q3 share repurchases of $150 million; YTD share repurchases and dividends total $1.2 billion.
  • Maintains full-year 2025 adjusted EPS guidance of $7.60–$7.70.
  • End of Q3 cash and short-term investments of $1.9 billion; net debt of $5.4 billion.
15 hours ago
PPG Industries forecasts North America automotive paint market to reach $5.57B by 2033
·$PPG
New Projects/Investments
  • The market is expected to grow from US$ 3.91 billion in 2024 to US$ 5.57 billion by 2033, at a 4.0% CAGR from 2025 to 2033.
  • Growth is driven by rising vehicle production, consumer customization demand, advances in paint technology, EV adoption, and stringent environmental regulations.
  • PPG is committing US$ 300 million to build a 250,000 sq ft facility in Tennessee by 2026, adding over 11 million gallons of annual capacity, and modernizing plants in Ohio and Mexico.
  • Key challenges include strict EPA VOC emission limits that force a shift to eco-friendly coatings, requiring significant R&D and capital investment.
Aug 8, 2025, 2:13 PM
PPG Industries Q1 2025 Earnings Conference Call Summary
·$PPG
Earnings
Share Buyback
Debt Issuance
  • PPG reported Q1 2025 sales of $3.7 billion, reflecting a 4% decline year-over-year due to unfavorable foreign currency translation and divestitures, though organic growth was seen in regions such as the U.S. and Asia.
  • The company achieved a record segment EBITDA margin of 19.4% and an adjusted EPS of $1.72, underscoring improved operational performance amid challenging market conditions.
  • Capital deployment remained a priority with approximately $400 million in share repurchases executed in Q1 and a cumulative repurchase of $1.2 billion over the past six quarters, alongside dividend payments of around $160 million.
  • PPG enhanced its balance sheet by issuing EUR 900 million of debt at 3.25%, with upcoming maturities expected in Q2 and Q4, while also managing FX headwinds and tariff impacts effectively.
Apr 30, 2025, 12:01 PM