PPG Marks Solid Performance for 2020 During Virtual Annual Meeting of Shareholders

PPG (NYSE:PPG) today held its annual meeting of shareholders virtually where Michael H. McGarry, PPG chairman and chief executive officer, reviewed the company’s continued strategic progress, highlighted its resilient performance in 2020, and discussed how employees responded to the unprecedented challenges from the global COVID-19 pandemic.

During the meeting, McGarry first highlighted the company’s 2020 achievements. “Thanks to the dedication of our employees and partnership of our customers, PPG delivered solid performance in 2020 and continued to strengthen our position as a global leader in paint, coatings and specialty materials, despite the many challenges from the pandemic and its impact on economies around the world,” McGarry said. “It is clear that the resiliency of our coatings business model shone brightly once again in 2020. Our past learnings, speed of execution and strong business portfolio demonstrated a swift recovery of operating margins and record adjusted earnings per share in the second half of 2020, up nearly 20 percent compared to the prior year.”

McGarry highlighted several financial and strategic highlights for 2020, including:

• Full-year reported net sales from continuing operations of approximately $13.8 billion;
• Full-year 2020 adjusted earnings per diluted share from continuing operations of $5.70;
• Record full-year operating cash flow of nearly $2.1 billion;
• Six value-creating acquisitions announced since January 2020, including:
  • Tikkurila, a well-known supplier of decorative paints and painting-related products in the Nordic countries, which the company expects to close in the second quarter of this year;
  • Ennis-Flint, a global leader in pavement markings and traffic safety solutions;
  • VersaFlex, a manufacturer specializing in polyurea, epoxy and polyurethane coatings;
  • ICR, a manufacturer of automotive and light industrial paints and coatings;
  • Alpha Coating Technologies, which produces powder coatings for light industrial applications and heat-sensitive substrates; and
  • Wörwag, a global manufacturer of coatings for automotive and industrial applications, which the company expects to close in the second quarter of this year.

McGarry also discussed several key sustainability achievements and social responsibility commitments in 2020, including: