PPG Industries, Inc. · NYSE:PPG
PPG Industries — Investor Presentation (2016)
71 slides from PPG Industries's investor presentation, Oct 25, 2016
Slide 1: PPG Investor Overview
PPG Investor Overview
Slide 2: Notes
Notes 2
Slide 3: Forward looking statement
Forward looking statement The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. This presentation contains forward-looking statements that reflect the Company’s current views with respect to future events and f
Slide 4: We are a global leader in paints and coatings
We are a global leader in paints and coatings 4
Slide 5: PPG: Our employees protect and beautify the world
PPG: Our employees protect and beautify the world A global maker of A leader in all Headquartered Founded in 1883 Fortune 500: paints, coatings, our markets: in Pittsburgh, Ranked 182 and materials, with construction, Pennsylvania, with full-year net sales consumer products, operations in more of $1
Slide 6: 2015 key achievements
2015 key achievements Strategic Portfolio Actions • Successful integration of Comex acquisition • 6 bolt-on acquisitions totaled more than $400 million (purchase price) o Spanned various coatings end-uses and geographies Excellent Financial Performance • Record adjusted EPS up 14% versus previous ye
Slide 7: Accelerating the portfolio transformation
Accelerating the portfolio transformation • Separation of commodity chemicals business via Reverse Morris Trust ($1.7 billion annual sales) • Acquisition of North America architectural coatings business from 2013 AkzoNobel ($1.5 billion annual sales) • Sale of PPG’s majority interest in Transitions
Slide 8: Our portfolio transformation
Our portfolio transformation 2005 – $10.2B Net Sales* 2015 – $14.8B 4% 22% 55% 23% Paint and Coatings 96% Chemicals Glass Paints and Coatings = $5.6B Paints and Coatings = $14.2B Significant transactions accelerate portfolio optimization Acquisitions: SigmaKalon (2008), AkzoNobel N.A. Architectural
Slide 9: Notable PPG acquisitions
Notable PPG acquisitions 1997 - 2000 2005 - 2008 2010 - Present Acquired From Business Acquired From Business Acquired From Business Akzo Nobel Auto OEM Int’l Polarizer Optical Bairun (Asia) Packaging Man-Gill Industrial Crown Coatings Industrial Dyrup Architectural BASF Packaging Iowa Paint Archite
Slide 10: Acquisitions contribute to sales growth
Acquisitions contribute to sales growth Acquisition Sales Growth $4,000 Over Prior Year Notable acquisitions: 2008 – SigmaKalon $3,500 2013 – AkzoNobel NA 2014/5 – Comex (partial years) $3,000 $2,500 $2,000 +6% average sales growth from acquisitions $1,500 $1,000 $500 $0 (USD MM) 2006 2007 2008 2009
Slide 11: Strengthened business portfolio
Strengthened business portfolio PPG Segment Net Sales* Coatings Segments Earnings Growth (Indexed to 2005)** 100% 96% 3.0 90% CAGR = 11% 80% 2.8 70% 2.6 60% 2.4 50% 55% 2.2 40% Index 2.0 30% 20% 1.8 10% 1.6 0% 1.4 2005 2007 2010 2015 ~$10.2B ~$14.8B 1.2 Coatings Optical & Specialty 1.0 Commodity Che
Slide 12: PPG's transformation
PPG’s transformation Net Sales* 2005 – $10.2B 2015 - $14.8B 2% 6% 10% U.S. & Canada 16% 20% EMEA 45% Asia/Pacific Latin America 72% 29% Emerging Regions = 8% Emerging Regions = 26% Sales in USD, EMEA includes Europe, Middle East, and Africa Improved geographic profile with growing emerging regions *
Slide 13: Global paint and coatings industry (~$130B)
Global paint and coatings industry (~$130B) Recent Notable Coatings Competitive Landscape Transaction/Consolidation Activity: PPG – SigmaKalon (2008) PPG – AkzoNobel N.A. architectural Coatings (2013) PPG – Comex Mexico (2014) AkzoNobel – ICI (2008), BASF Industrial Other Europe (2016) - Pending Axa
Slide 14: Coatings geographic mix
Coatings geographic mix Coatings Industry PPG Coatings Geographic Sales Mix Geographic Net Sales Mix Latin Latin America America 8% U.S. & 10% Canada 17% Asia/Pacific 17% U.S & Canada Asia Pacific 44% 43% EMEA 32% EMEA 29% PPG - Opportunities to expand in Asia and globally Source: Kusumgar, Nerlfi,
Slide 15: PPG end-use markets
PPG end-use markets Approximate % of Total PPG Net Sales* Aerospace and Marine (New & Aftermarket), 10% General Industrial, 15% Construction - New & Maintenance, 45% Automotive OEM, Parts, & Aftermarket, 30% Diverse end-use markets globally 15
Slide 16: PPG coatings overview
PPG coatings overview Why coatings? Aggregate Coatings Segment Earnings ($MM) +133% 2,500 • Stable earnings/cash 2,000 • Growth potential 1,500 • Low capital intensity 1,000 • Technology & service 500 0 • Consolidating industry 2007 '08 '09 '10 '11 '12 '13 '14 2015 Good Growth; Rapid Recovery From R
Slide 17: PPG global market positions
PPG global market positions Position by Coatings Vertical Lower <---- Level of Consolidation ----> Higher General Protective Refinish / Global Arch Auto OEM Packaging Aerospace Industrial & Marine Collision Position ~$56B ~$10B ~$3B ~$1B ~$36B ~$16B ~$8B PPG #1 ---------- Participation in all end-us
Slide 18: Coatings end-use markets
Coatings end-use markets Industry End-Market Demand PPG Coatings End-Use Net Sales Mix (~$130B Sales Value) Aerospace 1% Packaging Architectural 2% Coatings Protective & Marine 12% Refinish 40% 6% Architectural 43% Auto OEM 60% 8% General Industrial 28% Special-Purpose Coatings: • Aerospace • Genera
Slide 19: Coatings Peers EBITDA %
Coatings Peers EBITDA % 2015 Full Year EBITDA as % of Net Sales 22.0% 20.0% 19.0% 18.4% 18.0% 17.1% 16.3% 16.0% 16.0% 14.2% 14.4% 13.8% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% PPG remains a margin leader across coatings sector end-use markets EBITDA from continuing operations as percent of sales
Slide 20: PPG business segments
PPG business segments Performance Coatings 2015 PPG Net Sales* Mix • Automotive Refinish • Aerospace 4% • Protective & Marine • Architectural Coatings Americas & Asia • Architectural Coatings EMEA (Europe, Middle-East and Africa) 37% Industrial Coatings • Automotive OEM 59% • Industrial Coatings • P
Slide 21: Performance coatings segment
Performance coatings segment Strategic Business Units: Segment Traits: • Automotive Refinish • Distribution focus • Aerospace • Solid operating margins • Architectural Americas & Asia Pacific • Architectural EMEA • Consistent cash generation • Protective & Marine • Stable industries EMEA includes Eu
Slide 22: Automotive refinish coatings
Automotive refinish coatings Net Sales in USD Key Industry Trends: (Incl. Acquisitions) CAGR = 2% • Emerging regions growth • Technology shift to waterbase • Customer service requirement • Marketplace approach 2007 2008 2009 2010 2011 2012 2013 2014 2015 PPG Refinish Latin America PPG Global Waterbo
Slide 23: Aerospace
Aerospace Net Sales in USD Aerospace Products (Incl. Acquisitions) CAGR = 5% • Coatings • Sealants • Transparencies Recent Acquisitions '07 '08 '09 '10 '11 '12 '13 '14 2015 • Deft Coatings • Waterborne / chrome free Aerospace Net Sales Mix • Military market • Cuming Microwave • Radar absorbing produ
Slide 24: Protective & Marine Coatings (PMC)
Protective & Marine Coatings (PMC) Net Sales in USD PPG PMC Net Sales 2015 (Incl. Acquisitions) Latin America U.S. & Asia Canada EMEA '07 '08 '09 '10 '11 '12 '13 '14 2015 EMEA includes Europe, Middle East, and Africa PMC Industry Segments ($B) PPG Net Sales Mix 15.0 100% OEM OEM Ind. Maint. Aftermar
Slide 25: Architectural Coatings (Americas & Asia)
Architectural Coatings (Americas & Asia) Net Sales in USD PPG U.S. & Canada (Incl. Acquisitions) Architectural Store Count 1,000 CAGR = 13% 900 800 700 600 500 400 300 200 100 1999 2004 2006 2009 2012 Current 2006 2009 2012 2015 PPG U.S. Architectural Net Sales Mixes PPG Architectural Coatings U.S.
Slide 26: PPG architectural store network has room to grow
PPG architectural store network has room to grow PPG store expansion opportunities without cannibalization 26
Slide 27: Comex business overview
Comex business overview • Founded in 1952 • Architectural, Industrial and other Specialty Coatings and Materials • Latin American Based • Sales in Mexico and other Central American countries • ~4,000 independently owned/operated concessionaires; regional retailers • Leading architectural coatings po
Slide 28: Comex financial targets
Comex financial targets PPG’s Central American Architectural Network 06 Belize Target Status Cost/operational earnings synergies exceeding 12 Honduras targets $45-50MM 43 (increased June 2015) Guatemala Incremental revenue 10 Nicaragua synergies from PPG legacy products $40-50MM 17 (announced June 2
Slide 29: Architectural Coatings EMEA
Architectural Coatings EMEA Net Sales in Euro End-Use Market Demand (Incl. Acquisitions) New Construction, 20% More Stability Maintenance, 80% in End- Market 2008 2009 2010 2011 2012 2013 2014 2015 EMEA includes Europe, Middle East, and Africa Source: Company Estimates Strong Market Positions Compan
Slide 30: Industrial Coatings Segment
Industrial Coatings Segment Strategic Businesses Segment Net Sales Mix • Automotive OEM Asia LA • Industrial • Packaging EMEA U.S. & • Specialty Coatings & Materials Canada EMEA includes Europe, Middle East, and Africa Net Sales (US$B) – Incl. $6,000 Segment Results 20% Acquisitions 18% $6.0 $5,000
Slide 31: Automotive OEM Coatings
Automotive OEM Coatings Net Sales in USD PPG Automotive OEM Coatings (Incl. Acquisitions) CAGR = 5% LA U.S. & Asia Canada EMEA 2006 '07 '08 '09 '10 '11 '12 '13 '14 2015 EMEA includes Europe, Middle East, and Africa Global Auto OEM Production PPG Auto OEM Coatings 90 +1.5% Customer Mix 85 80 U.S. 75
Slide 32: Industrial Coatings SBU
Industrial Coatings SBU Net Sales in USD Industrial Coatings SBU Net Sales Mix (Incl. Acquisitions) CAGR = 5% LA Asia U.S. & Canada EMEA '07 '08 '09 '10 '11 '12 '13 '14 2015 EMEA includes Europe, Middle East, and Africa Fragmented but PPG Asian Industrial Consolidating Coatings SBU Net Sales PPG Ind
Slide 33: Packaging Coatings
Packaging Coatings Net Sales in USD Annual Beverage Can Consumption (Incl. Acquisitions) CAGR = 3% 100 400 40 2006 '07 '08 '09 '10 '11 '12 '13 '14 2015 250 Industry Container Use Other MM/ Beverage Other Interior Day Food Exterior Ends Source: PPG Estimates 33
Slide 34: Specialty Coatings & Materials
Specialty Coatings & Materials Net Sales in USD HVA Tire (High-Value-Added) (Incl. Acquisitions) “high silica content tread” CAGR = 5% 2008 '09 '10 '11 '12 '13 '14 2015 Key PPG Products / End-Use Markets • Silica –Tires and battery separators, various industrial uses • Teslin® – Printing materials,
Slide 35: Innovation Drives Success
Innovation Drives Success R & D Expenditures ($MM) Automotive OEM Compact Process 2010 • “Wet-on-wet” auto coating process $403 • Customer benefits: 2011 $443 • Lower capital costs (greenfield sites) 2012 $444 • Less energy required (greenfield and 2013 $479 brown sites) 2014 $509 • PPG is the globa
Slide 36: Earnings and Volume Growth Trends
Earnings and Volume Growth Trends PPG Regional Earnings PPG Coatings Volume Trend* 1,400 30% (Indexed to 2008) 26% 25% 1,200 New Regional 20% Record in 2015 (excl. currency) 15% 1,000 10% 5% 800 0% -2% 600 -5% -10% 400 -16% -15% -20% 200 -25% 0 U.S. and Canada Europe Emerging Regions U.S. & Canada E
Slide 37: PPG adjusted earnings per diluted share trend
PPG adjusted earnings per diluted share trend $6.00 Key Drivers $5.43 $5.50 • Global business expansion $5.00 $4.78 • Innovation-led organic growth $4.50 • Ongoing, aggressive cost $4.00 management $3.78 • Ongoing and disciplined $3.50 cash deployment $3.00 $2.88 • Acquisitions & synergies $2.50 • S
Slide 38: Coatings cost comparison
Coatings cost comparison Raw material basket and manufacturing/distribution costs are different Average Architectural Coatings Average Industrial Coatings Industry estimates – figures vary greatly by end-use and application Distribution - final Distribution - final Packaging Distribution - intermedi
Slide 39: Coatings Peers EBITDA %
Coatings Peers EBITDA % Full Year EBITDA as % of Net Sales 22.0% 20.0% 19.0% 18.4% 17.9% 18.0% 17.0% 17.2% 16.2% 16.3% 16.0% 15.4% 16.0% 15.0% 15.0% 13.9% 14.4% 13.9% 13.8% 13.6% 14.0% 12.9% 12.6% 12.4% 12.4% 11.9% 11.9% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% N/A 0.0% PPG Coatings Total Valspar Total Sherw
Slide 40: Coatings companies net sales growth
Coatings companies net sales growth 150% Net Sales CAGR 3-Year 5-Year 146% 145% 143% PPG Coatings 6.9% 6.9% 140% 140% 140% Sherwin-Williams 5.9% 7.8% 140% 136% Valspar 3.0% 6.4% 131% 135% 130% RPM 6.8% 6.1% 135% 130% 125% 125% 122% 127% 128% 120% 123% 113% 114% 120% 115% 110% 111% 110% 105% 101% 100
Slide 41: Coatings companies EBITDA growth
Coatings companies EBITDA growth 200% 198% EBITDA CAGR 3-Year 5-Year 190% PPG Coatings 12.7% 11.8% Sherwin-Williams 17.0% 14.3% 175% 180% Valspar 5.8% 9.2% 167% 170% 165% RPM 10.4% 9.4% 160% 165% 150% 151% 150% 154% 140% 145% 144% 131% 130% 133% 122% 120% 122% 125% 111% 106% 110% 116% 104% 100% 103%
Slide 42: Strong pricing discipline continues
Strong pricing discipline continues Year-Over-Year Aggregate PPG Pricing* 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2005 '06 '07 '08 '09 '10 '11 '12 '13 '14 2015 % of Prior Year Sales Higher pricing to counter global inflation * as originally reported, not adjusted for divestitures 42 As originally report
Slide 43: PPG Europe, Middle East and Africa
PPG Europe, Middle East and Africa Broad regional footprint to supply future demand growth 43
Slide 44: Earnings
Total PPG Europe, Middle East and Africa PPG Net Sales Mix (MM €) Earnings (MM €) 4,500 500 13% 4,000 12% 400 3,500 11% 3,000 10% EBIT Margin on Sales Earnings 300 Sales 2,500 9% 2,000 8% 200 1,500 7% 1,000 100 6% 500 5% 0 0 4% 2009 '10 '11 '12 '13 '14 2015 2009 '10 '11 '12 '13 '14 2015 Architectura
Slide 45: PPG Asia Pacific Manufacturing Footprint
PPG Asia Pacific Manufacturing Footprint India Korea China Faaber** Cheonan Tianjin Sriperumbudur** Busan Tianjin Moraiya** Ulsan** Suzhou Suzhou Japan Suzhou Nagoya Foshan Wuhu Taiwan Zhangjiagang Alltech Songjiang Thailand Taoyuan Jiading Bangplee Chia Yi** Kunshan Wuhan Nansha Vietnam Philipines
Slide 46: PPG Asia Pacific financials
PPG Asia Pacific financials Consolidated Net Sales* 5% CAGR $3,000 2,297 2,434 $2,500 $2,000 1,689 $1,500 $1,000 $500 $0 2008 2011 2015 Segment Income* 14% CAGR 366 $400 $300 281 $200 149 $100 $0 $MM - USD 2008 2011 2015 Significant profitable growth over time 46 * Restated for discontinued operatio
Slide 47: Strong and growing Asian presence (excl. Japan)
Strong and growing Asian presence (excl. Japan) Industry Coatings Demand for Asia PPG Asia Net Sales Mix (2015) Industrial China Automotive OEM 5% General Industrial 7% India Performance Packaging 13% Industrial Performance Southeast Auto Refinish Asia Protective & Marine 12% 63% Korea Aerospace Arc
Slide 48: PPG cash trends
PPG cash trends Cash From Operations* Cash & Short Term $2,000 Investments $3,000 $2,500 $2,393 $1,750 $1,978 $2,000 $1,745 $1,482 $1,455 $1,500 $1,500 $1,183 $1,000 $1,250 $500 $1,000 $0 2009 '10 '11 '12 '13 '14 2015 YE'10 YE'11 YE'12 YE'13 YE'14 YE'15 Millions USD Robust cash generation over time;
Slide 49: Balanced cash deployment
Balanced cash deployment Approximate 2015 Cash Uses Past 10 Years (~$20B) (2006 – 2015) $475 Capital Spending 23% 20% $750 Acquisitions Dividends 18% $400 Share Repurchases 39% $385 Cash Use Summary: Grow Business ~60% Return to Shareholders ~40% Millions of USD – As reported, not adjusted for busin
Slide 50: PPG return on capital (adjusted)
PPG return on capital (adjusted)* 20.0% 19.1% 18.3% 10,000 18.0% 16.9% 17.2% 16.6% 17.2% 9,000 16.1% 16.0% 16.0% 8,000 14.0% 14.0% 7,000 Return on Capital Capital ($MM) 12.0% 11.3% 6,000 10.0% 5,000 8.5% 8.0% 4,000 6.0% 3,000 4.0% 2,000 2.0% 1,000 0.0% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013
Slide 51: PPG financial hallmarks
PPG financial hallmarks Capital Spending as % of Sales Long-Term Debt Maturity (As originally reported, not adjusted for business divestitures) 700 Schedule 14% 13% 600 12% USD Notes 500 10% Last 6 Year EUR Notes Average = 400 8% 7% ~3.0% 6% 300 4% 4% 3% 3% 3% 3% 200 2% 2% 3% 2% 100 0% 0 1980 || 199
Slide 52: PPG shared services centers
PPG shared services centers Brno, Czech Republic Ohio, USA Tianjin, China Mexico City, Mexico Kuala Lumpur, Malaysia 52
Slide 53: Additional Materials and Appendix
www.ppg.com Additional Materials and Appendix
Slide 54: Adjusted Net Earnings
Adjusted Net Earnings Full Year 2015* 2014* 2013* 2012* 2011* 2010* Net Earnings as Reported $1,405 $1,133 $1,034 $941 $1,095 $769 Adjustments: Debt refinancing charge - 200 - - - - Business restructuring charge 106 - 73 163 - - Equity affiliate debt refinancing 7 - - - - - charge Transaction-relate
Slide 55: Adjusted Net Earnings
Adjusted Net Earnings FULL YEAR 2009 2008 2007 2006 2005 Net Earnings as Reported $336 $538 $834 $711 $596 Adjustments: Business restructuring charge 141 110 - 23 - Divestiture-related costs - 9 30 - - Acquisition-related costs - 100 4 - - Environmental Charge - - - 106 - Legal Settlement - - - - 11
Slide 56: 2015 EBITDA Reconciliation
2015 EBITDA Reconciliation EBITDA as % of Sales (excluding specials): PPG Total Akzo Axalta Total Total Total Total Coatings Sherwin Paints & Coatings PPG Valspar RPM Akzo Segments Williams Coatings Systems Currency USD USD USD USD USD Euro Euro USD Sales 14,766 14,241 11,339 4,392 4,595 14,859 9,96
Slide 57: 2014 EBITDA Reconciliation
2014 EBITDA Reconciliation EBITDA as % of Sales (excluding specials): PPG Total Akzo Total Total Total Total Total Coatings Sherwin Paints & PPG Valspar RPM Akzo Axalta Segments Williams Coatings Currency USD USD USD USD USD Euro Euro USD Sales 15,360 14,250 11,130 4,522 4,376 14,296 9,498 4,362 Seg
Slide 58: 2013 EBITDA Reconciliation
2013 EBITDA Reconciliation EBITDA as % of Sales (excluding specials): PPG Total Akzo Total Total Total Total Coatings Sherwin Paints & PPG Valspar RPM Akzo * Segments* Williams Coatings Currency USD USD USD USD USD Euro Euro Sales 14,265 13,198 10,186 4,104 4,079 14,590 9,745 Segment Income/Net 950
Slide 59: 2012 EBITDA Reconciliation
2012 EBITDA Reconciliation EBITDA as % of Sales (excluding specials): PPG Total Akzo Total Total Total Total Coatings Sherwin Paints & PPG Valspar RPM Akzo * Segments Williams Coatings Currency USD USD USD USD USD Euro Euro Sales 12,686 11,654 9,534 4,021 3,777 15,390 9,999 Segment Income/Net 663 1,
Slide 60: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 1st Quarter Reporting Period Continuing Operations Discontinued Operations Total PPG Net Income EPS Net Income EPS Net Income EPS First Quarter 2015 Net Income Attributable to PPG as Reported $ 309 $ 1.12 $ 13 $ 0.05 $ 322 $ 1.17 Transaction-related costs 3 0.01 3 0.01 6
Slide 61: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 2nd Quarter Reporting Period Continuing Operations Discontinued Operations Total PPG Net Income EPS Net Income EPS Net Income EPS Second Quarter 2015 Net Income Attributable to PPG as Reported $ 319 $ 1.16 $ 18 $ 0.07 $ 337 $ 1.23 Transaction-related costs 15 0.05 -- -- 1
Slide 62: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 3rd Quarter Reporting Period Continuing Operations Discontinued Operations Total PPG Net Income EPS Net Income EPS Net Income EPS Third Quarter 2015 Net Income Attributable to PPG as Reported $ 415 $ 1.52 $ 18 $ 0.07 $ 433 $ 1.59 Transaction-related costs 1 -- -- -- 1 --
Slide 63: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 4th Quarter Reporting Period Continued Operations Discontinued Operations Total PPG Net Income EPS Net Income EPS Net Income EPS Fourth Quarter 2015 Net Income Attributable to PPG as Reported $ 295 $ 1.09 $ 19 $ 0.07 $ 314 $ 1.16 Transaction-related costs 11 0.04 - - 11 0
Slide 64: PPG Adjusted Earnings Per Share Trend Reconciliation
PPG Adjusted Earnings Per Share Trend Reconciliation Y-O-Y Change in Adjusted EPS from Continuing Adjusted EPS from Continuing Operations Operations 2014 vs. Period 2012 2013 2014 2015 2013 vs. 2012 2013 2015 vs. 2014 1Q $ 0.64 $ 0.69 $ 1.00 $ 1.13 $ 0.05 $ 0.31 $ 0.13 2Q 0.84 1.14 1.40 1.60 0.30 0.
Slide 65: Adjusted Return on Capital
Adjusted Return on Capital Full Year 2015* 2014* 2013* 2012* 2011* 2010* Adjusted Net Earnings $1,555 $1,364 $1,202 $1,230 $1,095 $854 Net Interest Expense (after- 95 143 149 157 158 140 tax) Adjusted Net Earnings + Net $1,650 $1,507 $1,351 $1,387 $1,253 $994 Interest Expense Capital (Average Debt &
Slide 66: Adjusted Return on Capital
Adjusted Return on Capital Full Year 2009 2008 2007 2006 2005 Adjusted Net Earnings $477 $757 $868 $842 $763 Net Interest Expense (after-tax) 135 175 66 61 57 Adjusted Net Earnings + Net $612 $932 $934 $903 $820 Interest Expense Capital (Average Debt & $7,088 $8,053 $5,403 $4,587 $4,686 Average Equi
Slide 67: 2015 Quarterly Financial Results by Reportable Segment
2015* Quarterly Financial Results by Reportable Segment PPG INDUSTRIES AND CONSOLIDATED SUBSIDIARIES (Continuing Operations) BUSINESS SEGMENT INFORMATION (unaudited) Q1 Q2 Q3 Q4 Full Year 2015 2015 2015 2015 2015 Net sales Performance Coatings $ 2,055 $ 2,410 $ 2,240 $ 2,060 $ 8,765 Industrial Coati
Slide 68: www.ppg.com
www.ppg.com Thank you for your interest in PPG Industries, Inc. Contact Information: Investors: Scott Minder (412) 434-3466 68
Slide 69: We protect and beautify the world
PPc We protect and beautify the world”
Slide 70: Notes
Notes 70
Slide 71: Notes
Notes 71