NetComposites
Juniar Spraybooths

PPG Reports On Fourth Quarter

18 January 2002

PPG Industries reported today fourth-quarter net income was $83 million, on sales of $1.91 billion.

This compares with fourth-quarter 2000 net income of $126 million, on sales of $2.1 billion. For all of 2001, PPG's net income was $387 million, including a $101 million pretax restructuring charge in the first quarter. Excluding the charge, income was $458 million. Sales were $8.2 billion. Net income for all of 2000 was $620 million, including aftertax charges totaling $38 million, to write-off an equity investment and rationalize an automotive replacement glass distribution venture. Excluding the charges, net income was $658 million. Sales were a record $8.6 billion.

""We anticipated a difficult year by accelerating actions to cut costs and conserve capital. Our financial discipline and continuous drive to improve efficiency have not reduced our commitment to technology and service,"" said Chairman and Chief Executive Officer Raymond W. LeBoeuf.

""One of PPG's fundamental strengths is the continuous improvement of business processes, which is particularly important in times such as these, when market conditions are weak and the timing of the recovery is uncertain. Following the restructuring and work force reductions begun last year, we're developing plans to take additional restructuring actions in the first quarter of 2002, in the range of $60 to $90 million before taxes. These actions will include work force reductions and the closing of facilities or portions of facilities no longer needed as a result of improved business processes.""

In the glass segment, sales were down 14 percent mostly on lower volumes, especially in fiber glass. Despite the positive impact of pricing and manufacturing efficiencies, earnings also fell.






comments powered by Disqus

Related / You might like...

ACMA Champions Policies to Advance Composites in Infrastructure

At the American Composites Manufacturers Association (ACMA)'s third annual Infrastructure Day on 6-7 February 2018 34 ACMA members joined together to meet with over 100 Members of Congress and their staffs to advance legislation to drive investment in innovative material solutions for transportation, water and energy infrastructure.

Composite Sculpture Fronts Australian Shopping Centre

Shoppers visiting the newly redeveloped Halls Head Central Shopping Centre will be greeted by a 3.5 m x 2.5 m core composite spiral ribbon representing the logo of one of the centre's owners.

KraussMaffei adds Rebar Pultrusion System to TechCentre

KraussMaffei is expanding its expertise in the field of pultrusion, the process for continuously manufacturing fibre reinforced plastic (FRP) components, with the commissioning of a second pultrusion system at its TechCentre in Munich, Germany.