PPG sale still on the table
PPG Industries’ Director of Investor Relations Vince Morales confirmed April 19 the Pittsburgh-based company is still looking into the possible sale of its automotive original equipment manufacturer glass and automotive replacement glass and services businesses. Such a sale would include PPG’s OEM and ARG manufacturing businesses, Lynx Services LLC and PPG ProStars.
“The performance glazing business is not currently included in the scope of this evaluation,” said Jack Maurer, director of corporate communications, in an interview with AutoGlass magazine, May 1.
“Restructuring is one of the options we’re looking at,” Maurer said, if the auto glass businesses aren’t sold. He declined to speculate on what that restructuring might include.
PPG officials reported record sales of $2.9 billion for the first quarter of 2007, surpassing first-quarter 2006 sales by 11 percent, according to an April 19 release.
However, PPG’s automotive OEM glass volumes dropped 12 percent in the first quarter, reflecting production declines at Daimler-Chrysler, Auburn Hills, Mich., and General Motors in Detroit, Morales said. Automotive replacement glass and services sales grew slightly during the quarter as positive pricing offset a small drop in volumes, he added.
—By Jenni Chase, editor, AutoGlass Magazine