Chairman: Global downturn tests PPG
PPG Industries Inc. was "put to the test" in 2008 by challenging global conditions, its chairman said yesterday, but widespread cost-cutting efforts should help it weather the economic storm.
Last year "was difficult and dynamic" for the paints, glass and chemicals maker, Chairman Charles Bunch said during the Pittsburgh company's annual meeting at the David L. Lawrence Convention Center, Downtown.
Prior to the meeting, PPG reported a first-quarter net loss of $111 million, or 68 cents per share, including $141 million, or 86 cents per share, in charges for a business restructuring that involved previously announced plant closings and job losses.
Last year, PPG reported first-quarter net income of $100 million, or 61 cents per share.
First-quarter sales fell 30 percent to $2.8 billion, from $4 billion a year ago, according to an April 17 Pittsburgh Post-Gazette report.