PPG highlights 2022 performance during annual meeting of shareholders
20 April 2023 - 6:28PM
Business Wire
PPG (NYSE:PPG) today held its annual meeting of shareholders
where Tim Knavish, PPG president and chief executive officer,
highlighted the company’s performance in 2022.
“We achieved record full-year net sales of approximately $17.7
billion, up 5% compared with 2021, led by an 8% increase in organic
sales driven by higher selling prices,” Knavish said. “We exited
the year with a strong balance sheet that will provide continued
financial flexibility as we execute our growth strategy.
“The success of our team’s work throughout the year has enabled
us to continue to reward our shareholders,” Knavish added. “In
2022, we raised our annual dividend for the 51st consecutive year
and achieved our 123rd year of uninterrupted annual dividends,
which places PPG in a select group of companies that have achieved
these significant milestones.”
Knavish also highlighted several key environmental, social and
governance (ESG) actions and achievements in 2022, including:
- Reducing greenhouse gas emissions by 13%, lowering total energy
use by 8%, and decreasing waste disposal intensity by 16% from the
2017 baseline;
- Submitting greenhouse gas (GHG) emissions reduction targets to
the Science-Based Target initiative for validation; and
- Investing $16.2 million globally to support nonprofits,
including more than $9 million to advance education in science,
technology, engineering and math (STEM).
PPG will publish its latest all-digital ESG report in May.
Looking ahead, Knavish said: “As the economic environment
improves, we anticipate having increased opportunities to create
additional value for our shareholders, customers and employees. I’m
confident that our team will deliver by focusing on cash
generation, margin management and earnings growth.”
At the meeting, shareholders re-elected directors Stephen F.
Angel, chairman of the board of Linde plc; Hugh Grant, retired
chairman of the board and CEO of Monsanto Company; Melanie L.
Healey, former group president North America of the Procter &
Gamble Company; and Guillermo Novo, chairman and CEO or Ashland
Inc., in addition to Knavish.
Shareholders also approved the compensation of the named
executive officers and chose one year as the frequency of future
advisory votes on executive compensation. They also ratified
PricewaterhouseCoopers LLP as the company’s independent registered
public accounting firm for 2023. Shareholders voted against a
proposal to adopt a policy requiring an independent board
chair.
To learn more about PPG’s progress in 2022, 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 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
$17.7 billion in 2022. 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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version on businesswire.com: https://www.businesswire.com/news/home/20230420005811/en/
Media Contact: Mark Silvey Corporate Communications +1
412 434 3046 silvey@ppg.com
www.ppg.com
Investor Contact: John Bruno Investor Relations +1 412
434 3466 jbruno@ppg.com investor.ppg.com
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