PPG (NYSE:PPG) today held its annual meeting of shareholders where Tim Knavish, PPG president and chief executive officer, highlighted the company’s performance in 2022.
“We achieved record full-year net sales of approximately $17.7 billion, up 5% compared with 2021, led by an 8% increase in organic sales driven by higher selling prices,” Knavish said. “We exited the year with a strong balance sheet that will provide continued financial flexibility as we execute our growth strategy.
“The success of our team’s work throughout the year has enabled us to continue to reward our shareholders,” Knavish added. “In 2022, we raised our annual dividend for the 51st consecutive year and achieved our 123rd year of uninterrupted annual dividends, which places PPG in a select group of companies that have achieved these significant milestones.”
Knavish also highlighted several key environmental, social and governance (ESG) actions and achievements in 2022, including:
- Reducing greenhouse gas emissions by 13%, lowering total energy use by 8%, and decreasing waste disposal intensity by 16% from the 2017 baseline;
- Submitting greenhouse gas (GHG) emissions reduction targets to the Science-Based Target initiative for validation; and
- Investing $16.2 million globally to support nonprofits, including more than $9 million to advance education in science, technology, engineering and math (STEM).
PPG will publish its latest all-digital ESG report in May.
Looking ahead, Knavish said: “As the economic environment improves, we anticipate having increased opportunities to create additional value for our shareholders, customers and employees. I’m confident that our team will deliver by focusing on cash generation, margin management and earnings growth.”
At the meeting, shareholders re-elected directors Stephen F. Angel, chairman of the board of Linde plc; Hugh Grant, retired chairman of the board and CEO of Monsanto Company; Melanie L. Healey, former group president North America of the Procter & Gamble Company; and Guillermo Novo, chairman and CEO or Ashland Inc., in addition to Knavish.
Shareholders also approved the compensation of the named executive officers and chose one year as the frequency of future advisory votes on executive compensation. They also ratified PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2023. Shareholders voted against a proposal to adopt a policy requiring an independent board chair.
To learn more about PPG’s progress in 2022, visit annualreport.ppg.com/
PPG: WE PROTECT AND BEAUTIFY THE WORLD®
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $17.7 billion in 2022. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
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