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People & Business :: Companies
Restructuring Efforts Lift PPG's Fourth-Quarter Earnings
January 21, 2010 | Kerri Walsh
PPG Industries' fourth quarter net income doubled to $142 million (85 cts/share) because of a restructuring program that resulted in higher earnings from the industrial coatings and Optical and Specialty Materials businesses. Net income includes a $2-million asbestos-related charge for fourth-quarter 2009, and a $3-million charge in fourth-quarter 2008. Sales fell less than 1%, to $3.1 billion. "The fourth quarter of 2009 capped what was a challenging year," says Charles Bunch, chairman and CEO. "The global recession was both steep and broad...
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