Ppg Industries, Inc. · NYSE:PPG
Ppg Industries — Investor Day (June 2016)
84 slides from Ppg Industries's investor day presentation, Jun 14, 2016
Slide 1: PPG Innovation Deep Dive
PPG Innovation Deep Dive Global Research & Development Center Allison Park, PA June 14, 2016
Slide 2: Safety and Security Procedures
Safety and Security Procedures In case of an alarm, please follow your host to the nearest EXIT and outside to a gathering area. For emergency • Pick up phone Dial x5222 • Indicate type of emergency & Your Name, Location, Phone Number For safety and security 1. Please wear safety glasses in all lab
Slide 3: Forward Looking Statements
Forward Looking Statements 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
Slide 4: Definitions
Definitions Additive manufacturing – The application of the 3D printing process to manufacture three dimensional parts and products. Additives – Materials added to coatings that impart desired properties such as flow, light stability, and sag control to the coating formulation. Bake oven – Oven used
Slide 5: Today's Timeline
Today’s Timeline PPG Speakers Time Topic / Presenter 8:00 – 8:05 Welcome / Presentation Overview Scott Minder 8:05 – 8:15 Innovation at PPG: A CEO’s Perspective Michael McGarry 8:15 – 8:45 Innovation at PPG: A CTO’s Perspective David Bem 8:45 – 9:45 Coatings Innovation Kurt Olson Michael David Kurt
Slide 6: PPG Deep Dive Program (partial listing)
PPG Deep Dive Program (partial listing) Year PPG Topic(s) Location Details PPG facility 2007 Aerospace PPG’s participation in the Aerospace coatings, sealants and transparency industry Huntsville, AL SigmaKalon Reviewed details (markets, customers, regional coverage, etc.) of PPG’s largest 2008 Offs
Slide 7: PPG Deep Dive Program
PPG Deep Dive Program A PPG Deep Dive is NOT: • A PPG investor day • An update on the quarter or current business conditions • A discussion on PPG businesses • A strategic update 7
Slide 8: PPG Deep Dive Program
PPG Deep Dive Program Objectives • Provide a deeper understanding of how innovation continues to shape the coatings industry • Describe how innovation will continue to drive future PPG and coatings industry growth Takeaways • Anatomy of a coating • How we develop new products and bring them to marke
Slide 9: PPG and Innovation: A CEO's perspective
PPG and Innovation: A CEO’s perspective Michael McGarry President and Chief Executive Officer June 14, 2016 Allison Park, PA
Slide 10: We are a Global Leader in Paints and Coatings
We are a Global Leader in Paints and Coatings PPG provides a broad array of leading products to various global industries and consumers 10
Slide 11: Significant Portfolio Transformation
Significant Portfolio Transformation Shift to higher growth coatings markets that demand innovative technologies Sales 2002 - $8.1B 2015 - $15.3B 7% 7% 27% Optical Coatings 55% Chemicals 11% Glass 93% Coatings = $4.5B Coatings = $14.2B Coatings portfolio growth driven by organic & acquired technolog
Slide 12: Innovation Investment
Innovation Investment Continuous investment in research & development is a customer requirement $ millions Annual Research & Development Expenditures 2014 / 2015 600 500 400 300 2014 2015 200 100 0 PPG Valspar RPM Sherwin Williams Axalta PPG remains a leader in coatings innovation Sources: company f
Slide 13: Global Coatings Market Positions by Vertical
Global Coatings Market Positions by Vertical PPG able to leverage research and innovation across all coatings end-use markets General Protective & Refinish / Global Arch Auto OEM Packaging Aerospace Industrial Marine Collision Position ~$56B ~$10B ~$3B ~$1B ~$36B ~$16B ~$8B PPG #1 ----------- Acquis
Slide 14: Innovation Provides Growth Through Customer Value Creation
Innovation Provides Growth Through Customer Value Creation PPG’s commercialization of new products accelerating New product sales as % of Net Sales* Full Year EBITDA as % of Net Sales ** 22.0% Aspirational goal 20.0% 30% 18.0% 25% 16.0% 14.0% 20% 12.0% 15% 10.0% 8.0% 10% 6.0% 5% 4.0% 0% 2.0% N/A 201
Slide 15: PPG's Pillars of Growth
PPG’s Pillars of Growth Innovation a key to driving higher organic results for PPG Continuous pipeline of new Innovation products that anticipate and solve customer challenges Established, mutually On-going, accretive Customer Cash Deployment beneficial customer shareholder-friendly Intimacy relatio
Slide 16: PPG and Innovation: A CTO's perspective
PPG and Innovation: A CTO’s perspective David Bem Chief Technology Officer June 14, 2016 Allison Park, PA
Slide 17: David Bem, Ph.D.
David Bem, Ph.D. Chief Technology Officer and Vice President, Science and Technology Career • Joined PPG in November 2015 as Chief Technology Officer • 8 years at Dow; Vice President R&D Consumer Solutions and Infrastructure Solution • 6 years at Celanese; R&D director for engineering polymers/Ticon
Slide 18: PPG Coatings Innovation Center
PPG Coatings Innovation Center Allison Park, PA Core Activities • Resin Synthesis • Formulation • Application • 250+ researchers (synthesis chemists, • Analytical Capability formulators, analytical chemists, engineers) • Physical and Computational Chemistry • 600+ patents in past 10 years • High Thr
Slide 19: Types of Coatings
Types of Coatings Solvent Borne Water Borne Powder Aqueous Dispersions “Latex”, >90% Enamels Polyurethane, SolidContent Lacquers Molecular Electrocoat Automotive No “linking” of “network” formed Architectural Industrial chains after during “curing” application Automotive Packaging reaction Industria
Slide 20: Anatomy of a Coating
Anatomy of a Coating PPG is a “formulated product” company Pigments Color A specific Hiding combination Visual “Effects” (sparkle, travel) of ingredients Resins leads to the Hardness, Durability, Chip Resistance, Flexibility, Corrosion Resistance desired unique set of Solvent / Water customer Ease o
Slide 21: Solventborne vs. Waterborne Coatings
Solventborne vs. Waterborne Coatings • Solventborne: – Polymers/Resins dissolved/diluted Solvent in solvents Solvent – Viscosity determined by molecular length and concentration Solvent Solvent Water • Waterborne: – Water is the “continuous” phase Water – Latex resins in separate “dispersed” phase W
Slide 22: Coatings Layers and Product Attributes
Coatings Layers and Product Attributes Pretreatment (Cleaning, Corrosion & Adhesion) Adhesives Electrocoat (Corrosion & Appearance) (Structural Rigidity) Primer (Appearance & Chip Resistance) Basecoat (Color & Hiding) Sealants (Corrosion) Clearcoat (Durability & Mar Resistance) Liquid Applied Sound
Slide 23: PPG History of Organic Innovation
PPG History of Organic Innovation 2009 - Introduces 2015 - Metal Free E-coat 1975 - Introduces Duranar® Powder 1910 - Opens the DesignaColor 2000 - Silicas add company’s first consumer paints. to performance of 2004 - Introduces R&D facility. athletic footwear. B1:B2 compact Enviroprime® paint proce
Slide 24: PPG History of Acquired Innovation
PPG History of Acquired Innovation 2013 Spraylat – 2015 IVC – Conductive inks, Powder, Quick powder 2015 Cuming Color Match – Microwave 2014 Comex – absorption Latex, Passive Fire 2015 LJF – 2013 Deft – Protection (PFP) 2015 Revocoat Aerospace 2011 Dyrup – chrome-free 2008 SigmaKalon – – LASD, Auto
Slide 25: PPG's Global Technical Footprint
PPG’s Global Technical Footprint Automotive & Industrial Customer Application Labs E-Coat Center of Excellence Customer Application Lab Marly, FR Busan, KR Aerospace Research Burbank, CA R&D Center Global Competitive Packaging Allison Park, PA Sourcing Lab, Research Customer Application Labs Milford
Slide 26: Innovation Benefits from Scale
Innovation Benefits from Scale Sources Outputs Global networks & capabilities • Global customer input • Technology roadmaps • Industry macro trends Intimate market knowledge & experience • New products & processes • Open innovation • Adjacent market • Government funding Constant customer presence de
Slide 27: Innovation Process
Innovation Process Innovation Portfolio Global PPG Innovation Process Management Segment Managed ideation process Roadmaps Idea • Roadmapping Management Strategic • Idea generation & capture Marketing • Idea qualification & prioritization Portfolio Management Formal toll gate process R&D and Product
Slide 28: Innovation Portfolio Management – Gate Process
Innovation Portfolio Management – Gate Process Post-launch Project Pitch Scope Review Commitment Verification Confirmation Review Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Project Gate 0 Gate 1 Gate 2 Gate 3 Gate 4 Close Scoping the Setting the Development Testing & Launch Project Target Validation Ga
Slide 29: Secure Launch Process Example
Secure Launch Process Example SECURE LAUNCH PHASES Phase 1 PRODUCT SELECTION Phase 2 ASSIGN LAUNCH CHAMPION (S) Phase 3 CUSTOMER PRODUCT APPROVAL PPG Operating System Phase 4 1st ENGINEERING REVIEW & SUPPLY CHAIN Phase 5 EH&S AND PRODUCT STEWARDSHIP Manage Phase 6 PEOPLE & RESOURCE ALIGNMENT Post La
Slide 30: PPG: We protect and beautify the world
TM PPG: We protect and beautify the world Each coating is a unique blend of attributes built to solve customer challenges 30
Slide 31: PPG and Innovation
PPG and Innovation Kurt Olson Research Fellow June 14, 2016 Allison Park, PA
Slide 32: Paint History – From Ancient Civilizations to Electrocoat
Paint History – From Ancient Civilizations to Electrocoat 1974 – Allison Park R&D 1961 – opens Duracron 1947 - Forbes thermosetting Varnish acquired – coatings Industrial coatings 1937 – Entered Railway Paint Business – 1900 – PPG buys Thresher Acquisition 1963 – First 30,000 BC – 0 BC – Mayan Elect
Slide 33: PPG Coatings Innovation Leadership
PPG Coatings Innovation Leadership Next Generation Refinish Waterborne BPA-NI Coatings Electrocoat Water Filtration Color Coat Anti-pollution Coatings Performance Silica Duranar Building Durable Rubber Graphene Coatings Solar Heat Automotive Compact 3D Printing-Additive Management Process Manufactur
Slide 34: PPG Pioneered Electrocoat Over 50 Years Ago
PPG Pioneered Electrocoat Over 50 Years Ago Continued innovation across end-use markets Anti-corrosion technology used for metal protection What makes it better? • Premium corrosion protection • Improved customer productivity & paint quality • Enhanced surface coverage What are the results? • Indust
Slide 35: Refinish Waterborne Basecoat: Envirobase
Refinish Waterborne Basecoat: EnvirobaseTM First commercially successful waterborne refinish product What makes it better? • Color match efficiency Tints that won’t “separate” on the shelf • Less required capital for our customers No “mixing banks” required for ongoing agitation What are the res
Slide 36: Duranar Coatings
Duranar® Coatings Leading global coatings brand for building exteriors What makes it better? • Superior durability (>25 years) • Lower building energy needs Solar & heat reflective versions • New near zero-VOC powder product PNC Tower, Pittsburgh, PA Dubai Emirates Towers Hudson Yards, New York, N
Slide 37: Aerospace Adhesives and Sealants
Aerospace Adhesives and Sealants Highly-specified, mission-critical aircraft products What makes them better? • Operate within extreme temperature variations • Customized packaging options to assist in customer application and minimize waste • Essential for aircraft performance What are the results?
Slide 38: PPG – Demonstrated History of Innovation
PPG – Demonstrated History of Innovation Leads to customer and industry recognition of success U.S. Coatings Patents – 5 year avg. 80 76 70 60 Fiat 50 Sustainability Award 40 28 Ford 2016 Excellence Award 30 25 20 11 10 0 PPG Competitor 1 Competitor 2 Competitor 3 We have developed a foundation of s
Slide 39: PPG Coatings Innovation Leadership
PPG Coatings Innovation Leadership Next Generation Refinish Waterborne BPA-NI Coatings Electrocoat Water Filtration Color Coat Anti-pollution Coatings Performance Silica Duranar Building Durable Rubber Graphene Coatings Solar Heat Automotive Compact 3D Printing-Additive Management Process Manufactur
Slide 40: Increasing and Adapting Corrosion Protection Requirements
Increasing and Adapting Corrosion Protection Requirements Corrosion is a significant challenge for coatings customers • Next generation electrocoat • Corrosion-resistant primer Market Challenges • Zinc-rich coatings • Coat mixed material substrates • Increase infrastructure longevity • Regulation el
Slide 41: Next Generation Electrocoat
Next Generation Electrocoat Leading environmental E-coat solution Attributes: • Improved smoothness (appearance) • Lower energy use • Reduced waste • Environmentally friendly catalyst • Lower VOC emissions Achievements: • Industrial product launched in 2014 Powercron ADVANTEDGE™ • Automotive produ
Slide 42: Hi-Temp Coatings
Hi-Temp Coatings Acquired technology in 2014 Coatings to prevent corrosion under insulation in high heat environments Attributes: • Applied directly to hot substrates (up to 600°F) • Corrosion resistance over extreme temperature range • Reduces maintenance-related facility downtime Standard Coating
Slide 43: Product Light-weighting to Reduce Energy Consumption
Product Light-weighting to Reduce Energy Consumption Responding to a variety of customer-driven initiatives to reduce overall product weight • Structural adhesives • Light-weight sealants Super light- Market Challenges • Thin film pretreatment weight sealants • Fuel economy regulations • Reduce carb
Slide 44: PPG Aerospace Super Light-Weight Sealants
PPG Aerospace Super Light-Weight Sealants Keeping aircraft cabins and fuel tanks sealed while reducing weight Attributes (PPG Gen IV): • Reduces aircraft weight by up to 2,200 lbs. • 45% less dense than prior generation Lbs. sealant used 2,200 lbs. (light enough to float on water) saved • Improved p
Slide 45: Managing Solar Impact on Energy Costs
Managing Solar Impact on Energy Costs Improving consumer comfort and reducing environmental footprint • Eggplant coatings • Alteos® aircraft windows Cool roof coatings (Comex) Market Challenge • Reduce solar-driven energy costs • Improve customer comfort levels Solarban® Glass Coatings ULTRA COOL® b
Slide 46: Aerospace Solar Heat Management Coatings
Aerospace Solar Heat Management Coatings Leveraging nature’s “technology” to keep aircraft cool Coatings that keep aircraft substrates cooler PPG Solar Heat Management reduces external aircraft skin temperatures Attributes: • Key enabler for composite planes • Enable darker airline livery palette •
Slide 47: Infrared Reflective Exterior Architectural Paint
Infrared Reflective Exterior Architectural Paint Coatings that keep building interiors cooler Side-by-side coating Thermal “map” shows ULTRA Cool® coatings comparison Ultra Cool ® is cooler Attributes: • Improved asset life • Energy savings; less air conditioning required • Enhanced beautification;
Slide 48: Improved Product Curing to Drive Better Customer Performance
Improved Product Curing to Drive Better Customer Performance Productivity and sustainability demands increasing the importance of curing technologies Weather ReadyTM exterior paint Durable rubber Fast cure Market Challenges coatings • Lower energy usage in curing process Fast drying • Reduce asset o
Slide 49: Compact Process Technology Leadership
Compact Process Technology Leadership “Wet-on-Wet” Coatings Application Process Eliminates process steps and bake ovens, improving OEM facility paint shop cycle time Global Auto Industry Builds 100 Attributes: 80 • Reduces customer capital intensity for new plant construction 60 Million Units • Redu
Slide 50: Next Generation Compact Process
Next Generation Compact Process Addition of low temperature cure capability to compact process Mega Watts Annual Compact Process Energy Usage Attributes: 140,000 • Energy savings; lower oven temperatures 120,000 • Enables use of more composites & alloys 100,000 • Developed for Automotive OEMs 80,000
Slide 51: Cure Speed Control
Cure Speed Control New coating catalysts enable faster ambient cure Attributes: • Improves shop productivity Longer is better Quicker substrate availability post-painting Usable Time • Extends the life over which a product is usable post mixing stage • Reduces waste • Corrosion resistance maintain
Slide 52: Sprayable "Rubber"
Sprayable “Rubber” Versatile polyurea chemistry applications Automotive Bedliner (current) Attributes: • Zero VOC • Low energy usage, ambient cure • Fast curing improves throughput • Toughness and flexibility • Use across various applications Golf Ball Coating (current) Heavy Duty Truck (current) Ag
Slide 53: Increasing Customer Reliance on Adhesives & Sealants
Increasing Customer Reliance on Adhesives & Sealants Migration of light-weight materials across end-use markets driving growth • Jet fuel resistant sealants • Light-weight fuselage sealants • Easy-to-use seal cap application • Structural adhesives • Low temperature cure sealants • Sound dampening Ma
Slide 54: Packaging BPA Non-Intent (NI) Interior Can Coatings
Packaging BPA Non-Intent (NI) Interior Can Coatings Sustainable rigid packaging coatings Attributes: • Supports broad diversity of food and beverage contents • Maintains consistency of content flavor • Meets various regional regulations • Reduced customer emissions Market-driven Innovation: • Dynami
Slide 55: "Extreme" Color
“Extreme” Color Beautifying products with Andaro® technology What is Andaro®? Pigment encapsulated • Differentiated premium color offering with “Nano” sized inside pigments polymer • Unique dispersion technology enables uniform pigment particle distribution Attributes: • Vivid colors • No “haze” • E
Slide 56: Agilon Performance Silica
Agilon® Performance Silica Proprietary pre-treated silica for vehicle tires Attributes: • Lowers vehicle fuel consumption • Longer tire tread life • Improves traction • Increases tire plant productivity • Reduces tire plant energy consumption • Eliminates nearly all VOC emissions PPG product enables
Slide 57: "Depolluting" Exterior Masonry Paint
“Depolluting” Exterior Masonry Paint Coatings interacting with the environment to improve the quality of life Attributes: • Transforms many common pollutants into harmless materials • Destroys “organic” dirt sticking onto surfaces Keep buildings cleaner - reduces need for renovation • Contributes
Slide 58: Architectural Products
Architectural Products Customer-focused technology by the gallon Weather ReadyTM wood stain technology Homax • Minimize weather-dependent purchase decisions • “Textured” coatings simplify • Extends customer staining season ceiling repair • A leading after- market product • Acquired technology RAIN-
Slide 59: Coatings Technology Evolution Expands Addressable Market
Coatings Technology Evolution Expands Addressable Market Past Present Future 59
Slide 60: PPG Coatings Innovation Leadership
PPG Coatings Innovation Leadership Next Generation Refinish Waterborne BPA-NI Coatings Electrocoat Water Filtration Color Coat Anti-pollution Coatings Performance Silica Duranar Building Durable Rubber Graphene Coatings Solar Heat Automotive Compact 3D Printing-Additive Management Process Manufactur
Slide 61: Intelligent Surfaces
Intelligent Surfaces Coatings is a common link across many substrates Opportunities: • Utilize structural health monitoring to extend asset life and reduce maintenance costs • Provide real-time asset assessment utilizing “Internet of Things” Corrosion Sensing: • Coatings / adhesives that sense the o
Slide 62: Coating Technology for Energy Storage
Coating Technology for Energy Storage Improvement of embedded coatings to increase performance Opportunities: • Lower battery manufacturing cost • Improved battery performance Electric Vehicles • Longer battery life • Compliance with future solvent Tools regulations Attributes: • Coating flexibility
Slide 63: Advantaged Graphene Production Process
Advantaged Graphene Production Process Improved performance of existing application; opportunities to create new products What is graphene? Graphene-enabled opportunities: • Atomically thin sheets of carbon • Enables miniaturization of electronics • Printed electronics Attributes: • De-icing, seat h
Slide 64: Additive Manufacturing
Additive Manufacturing 3D printed parts are created from “stacks” of thin coatings Opportunities: • Develop lightweight parts • Fabricate parts on site where needed Reactive Jetting – Ink jet Simplify & expedite repairs printing (high resolution) Reduce transportation costs PPG involvement: • PP
Slide 65: Summary – PPG Coatings Innovation
Summary – PPG Coatings Innovation Coatings industry entering next phase of innovation Increasing reliance on coatings is driven by macro trends and progressively more complex customer requirements. New coatings technologies are in development that address one, or some combination of, the following c
Slide 66: Tour – Coatings Innovation Center Capabilities
Tour – Coatings Innovation Center Capabilities Exhibit 1: Polymer Synthesis Exhibit 2: Product Formulation Generate competitive advantage Formulating to customer needs Exhibit 3 & 4: Coatings Applications Exhibit 5: Analytical & Physical Testing Improve product robustness, reduce service cost Shared
Slide 67: Coatings Innovation Center Tour
Coatings Innovation Center Tour Product Display – Kurt Olson, David Bem Diverse Global Product Offerings Synthesis – Susan Donaldson Designing new molecules Application Center – John Furar Analytical Laboratory Mimicking Customer Line Conditions Refinish Training Center – Greg DeCamp Educating Our C
Slide 68: We protect and beautify the world
68 PPc We protect and beautify the world”
Slide 69: Today's Remaining Timeline
Today’s Remaining Timeline 10:15 – 12:00 Facility Tour: R&D Staff 12:00 Break – lunch details below 12:15 Buses depart for Airport & U.S. Open 4:00 Bus departs U.S. Open for Airport Afternoon Details • Your luggage was placed on the proper afternoon bus based on the color of the luggage tag that was
Slide 70: Appendix
Appendix
Slide 71: PPG Attendee Biography
PPG Attendee Biography Michael H. McGarry President and Chief Executive Officer Michael H. McGarry is president and chief executive officer of PPG Industries. He transitioned to this role in September 2015 and joined the company’s board of directors in July 2015 after serving as president and chief
Slide 72: PPG Attendee Biography
PPG Attendee Biography David Bem, Ph.D. Chief Technology Officer and Vice President, Science and Technology David started his career with UOP (currently Honeywell) in 1995 where his work centered on the synthesis and applications of zeolites and microporous materials. In 2000, he became R&D director
Slide 73: PPG Attendee Biography
PPG Attendee Biography Kurt G. Olson, Ph.D. R&D Fellow Kurt Olson is R&D Fellow for PPG Industries. He began his career with PPG in 1981 as a Research Chemist. After promoting through the technical hierarchy, he promoted to Manager, Automotive Resin Research in 1991; Manager, Automotive Spray Techno
Slide 74: PPG Attendee Biography
PPG Attendee Biography Frank S. Sklarsky Executive Vice President and Chief Financial Officer Frank S. Sklarsky is executive vice president and chief financial officer of PPG. He serves on the company’s executive and operating committees. Sklarsky joined PPG in April 2013 as executive vice president
Slide 75: PPG Attendee Biography
PPG Attendee Biography Alex Etherson Global Director, Strategic Planning and Finance Science and Technology Etherson joined PPG in 1993. Over the past 23 years, Alex has held a variety of leadership positions in finance and strategy with the company. In his current role, Etherson provides the resear
Slide 76: PPG Attendee Biography
PPG Attendee Biography Vincent J. Morales Vice President, Finance Science Morales joined PPG in the corporate controller’s office, Pittsburgh headquarters, in 1985. He then advanced through finance and accounting assignments at PPG facilities such as supervisor, shared accounting services, at the Ch
Slide 77: PPG Attendee Biography
PPG Attendee Biography Scott Minder Director, Investor Relations Minder joined PPG in 2009 as automotive original equipment manufacturer (OEM) coatings global director, finance and planning. He was named finance director and business controller, industrial and packaging coatings, in April 2014, and
Slide 78: Biographies of Tour Presenters
Biographies of Tour Presenters Greg DeCamp General Manager Automotive Refinish Sales and Marketing USCA Greg DeCamp is the General Manager, Automotive Refinish Sales and Marketing, Jo-Ann Bice, Ph.D. USCA. In his role, Greg is responsible for sales and marketing initiatives for the Scientist automot
Slide 79: 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 15,330 14,241 11,339 4,392 4,595 14,859 9,96
Slide 80: 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 81: 2013 EBITDA Reconciliation
2013 EBITDA Reconciliation EBITDA as % of Sales (excluding specials): Total Total PPG Coatings Total Total Total Akzo Paints Sherwin PPG Segments Valspar RPM Akzo * & Coatings Williams 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 Incom
Slide 82: Notes
Notes 82
Slide 83: Notes
Notes 83
Slide 84: Notes
Notes 84