PPG Industries (NYSE:PPG) announced today that its board of directors has authorized the repurchase of $2 billion of outstanding common stock. The authorization is effective immediately, does not expire and gives management discretion in determining the conditions under which shares may be purchased.
Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Repurchases may commence or cease without prior notice depending on economic and equity market conditions, magnitude of other cash uses, including pace and timing of acquisitions, and other factors.
In October 2011, PPG’s board of directors authorized a repurchase program under which the company has repurchased 8.9 million shares totaling approximately $1.4 billion. Approximately $200 million remained on this program as of March 31, 2014.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)PPG Industries’ vision is to continue to be the world’s leading coatings and specialty materials 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 nearly 70 countries around the world. Net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com and follow @PPGIndustries on Twitter. Forward-Looking Statements Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to the timing and number of shares ultimately purchased under PPG Industries’ share repurchase program. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including PPG Industries’ ability to complete the share repurchase program and the other risks and uncertainties discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.