No. 2 PPG Industries

Pittsburgh, PA

412/434.3131

President/CEO:Tim Knavish

www.ppg.com

2023 Coatings Sales: $18.2 billion

At PPG, team members work every day to develop and deliver the paints, coatings, and specialty materials that customers have trusted for 140 years. Through dedication and creativity, they solve customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, the company operates and innovates in more than 70 countries and reported net sales of $18.2 billion in 2023, up about 3.4% versus the prior year. PPG serves customers in the construction, consumer products, industrial and transportation markets, and aftermarkets.

Organic sales were up by 3%, driven by higher selling prices resulting from continued selling price initiatives. The increase was led by growth in aerospace coatings and automotive OEM coatings despite lower global industrial production. Net income in 2023 increased versus 2022 due to lower raw material costs, partially offset by higher selling, general and administrative expenses, and lower sales volumes. In 2023, the company paid $600 million in dividends. Additionally, the company recorded $17.5 million in global community giving, and $10.3 million was invested in advancing education in STEM.

Notes: PPG also continued to take actions to further advance its sustainability commitments. In 2023, the company became the first U.S.-based coatings manufacturer to receive validation from the Science Based Targets initiative (SBTi) for scope 1, 2 and 3 greenhouse gas emissions reduction targets. In addition, PPG announced 2030 sustainability goals that focus on driving sales of sustainably advantaged products that help its customers achieve their sustainability objectives while reducing the environmental impact of products. In 2023, 44% of sales were from products and processes that address multiple sustainability benefits, including lower volatile organic compound emissions, enhanced energy efficiency, improved durability, or the use of renewable raw materials.

In 2023, PPG completed 60 COLORFUL COMMUNITIES® projects in 26 countries, reaching its 500th project since the program’s launch in 2015. PPG has made a positive impact for more than 9.2 million people, with the help of 26,500 PPG employees and community members who have volunteered in 50 countries.

In April 2023, GLIDDEN paint by PPG became the primary paint brand at Walmart in the United States. Also in April, PPG completed a $15 million expansion of its Brazil, Indiana, powder coatings plant.

In May 2023, PPG launched paint films solutions for automotive and industrial customers through PPG Advanced Surface Technologies, a new joint venture formed with entrotech, Inc., a provider of technology-driven film solutions. Also in May, PPG announced a $44 million investment to upgrade five powder coating manufacturing facilities in the United States and Latin America. The projects are part of PPG’s strategic efforts to expand its powder coatings offerings and increase global production to meet growing customer demand for sustainably advantaged products. Collectively, the investment, $30 million for United States plants and $14 million for facilities in Latin America, is expected to increase overall capacity, add production capabilities for bonded metallic powders, improve processing times with automated packaging, and enhance capabilities to produce small, medium, and large batches.

In June of 2023, PPG opened a $30 million battery pack application center in China. That same month, the company launched low-temperature-cure electrocoats for automotive manufacturers—PPG ENVIRO-PRIME® EPIC 200R coatings.

In August of 2023, PPG opened a customer and employee experience center at its global headquarters, marking the company’s 140th anniversary.

In September of 2023, PPG completed the $2.7 million powder coatings factory expansion in Brazil, increasing the production capacity of the facility by 40%.

In October 2023, PPG announced that Tim Knavish was elected as PPG chairman and CEO, effective October 1, 2023. Knavish succeeds Michael McGarry who served as chairman and CEO from 2016 to 2022, and retired as executive chairman.

In December of 2023, PPG opened a $17 million aerospace application support center in France. The facility provides filling and packaging capabilities for aerospace materials, including coatings and sealants for a wide range of aircraft, as well as technical support and a laboratory.

Source: Company contact, Annual Report, press releases