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Letter to the Editor
Friday January 19
PPG Industries 4Q Earnings Rise 39%
PPG Industries Inc. has reported that its fourth quarter earnings rose 39 percent, due mostly to gains by its coatings and optical products businesses.Quarterly earnings increased to $157 million, or 94 cents per share, from $113 million, or 68 cents per share, during the same period last year.
The results included a charge of $3 million, or 2 cents per share, related to a proposed asbestos settlement.
Revenue grew 11 percent to $2.77 billion from $2.51 billion during the same period a year ago.
Coatings sales improved 21 percent to $287 million, due mostly to acquisitions, greater sales volumes in Europe and Asia, stronger pricing and a favorable foreign currency exchange rate.
Chemicals sales advanced 3 percent to $16 million on additional sales in most of its businesses, acquisitions in its optical products unit and stronger foreign currencies. Those gains more than offset weaker pricing in its chlor-alkali business.
Glass sales fell 3 percent to $16 million, the company said.
For the year, earnings increased 19 percent to $711 million, or $4.27 per share, from $596 million, or $3.49 per share, in 2005. Revenue rose 8 percent to $11.03 billion from $10.2 billion a year ago.
In other company news, PPG Industries Inc. has acquired the architectural and industrial coatings businesses of Brazil's Renner Sayerlack SA in a move to broaden its coatings operations in Latin America.
Financial terms weren't disclosed.
Renner Sayerlack's architectural and industrial coatings businesses operate three manufacturing plants in Gravatai, Brazil; Santiago, Chile; and Montevideo, Uruguay. Each plant also serves as a distribution center. The businesses, which employ about 850 people, sell through independent dealers, construction material suppliers, and brand licensees, similar to franchise stores.
Renner Sayerlack was formed in 2001 by the merger of Tintas Renner and Sayerlack Industria Brasileira de Vernizes. The company markets products to the architectural, industrial, wood finishing and high-performance/marine coatings segments in Brazil, Chile and Uruguay.
The wood and high-performance/marine divisions are being retained by Renner Sayerlack.
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