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PPG Annual Report and 10K 2019.Pdf CREATING OUR FUTURE 2019 ANNUAL REPORT A MESSAGE FROM OUR CHAIRMAN OUR VALUED SHAREHOLDERS, Every day, in every corner of the world, PPG team members are waking up and preparing for their day with a common drive to make a difference. Our team of more than 47,000 colleagues across the world is made up of continuous learners who are stretching to reach their potential and working together to improve our contributions to our shareholders, customers and communities of stakeholders. The diverse perspectives of our team, regardless of their location in the world or their origin, enhance the PPG spirit and extend our potential to succeed. We believe in the power of ideas. Innovations in our business occur every day, driven by curiosity and an unrelenting desire to help our customers enhance their performance – whether through increased productivity, enhanced sustainability or new color capabilities. Michael H. McGarry Chairman and Chief Executive Officer After all, the PPG team is driven by a common purpose: We protect and beautify the world.™ 2019 FINANCIAL HIGHLIGHTS We remain steadfast in our commitment to develop innovative products and solutions that create value for our customers; $ empower our people to grow and succeed; operate our 15.1B business safely and effectively; and deliver value to our Net sales shareholders – growing sales and earnings consistently to deliver superior returns. $ Today, more than ever, we feel that the challenges we face in our 6.22 current business environment can make us stronger, and how we Adjusted earnings per diluted share respond to them will determine our future. We are at an important from continuing operations, up about moment in our company’s history, and our team is focused on 5% versus the prior year and up about 8% excluding unfavorable foreign “Creating Our Future” by strengthening our core, accelerating currency translation. our growth and opening new horizons. After-tax impact of foreign currency translation was $37 million, or $0.16 per diluted share for the year ended December 31, 2019. About our cover: PPG’s greatest strength is its people. $ In 2019, we embarked on a journey to define and enhance our culture. The result was the launch of The PPG Way, 2.1B which embodies six important tenets around a culture Record full-year operating cash flow of of ownership, empowerment and inclusiveness. Every single day at PPG, these tenets are further enabling, nearly $2.1 billion, approximately $600 empowering and engaging employees across the world. million higher than the previous year Read more about The PPG Way on page v. 2019 ACQUISITIONS STRENGTHENING OUR CORE Our performance At the beginning of 2019, we development facilities for automotive established five specific goals. and aerospace in Cleveland, Ohio and Despite challenging and uneven Burbank, California. Whitford Worldwide Company global economic conditions, changing market dynamics, and an ever- PPG continued to perform well A global manufacturer that specializes evolving geo-political environment, operationally, including achieving in low-friction coatings for industrial applications our team achieved a majority of the about $85 million in cost savings goals we set. We grew our earnings, from previously communicated achieved significant cost savings, restructuring programs. We generated completed a review of our portfolio nearly $2.1 billion of cash flow from and made strides to enhance our operations in 2019, an all-time record governance structure. Although we fell for any year. We continue to have short of our sales goal, this continues excellent financial flexibility with cash to be a priority, and our global team and short-term investments of about is focused on achieving increased $1.3 billion at year-end. organic and inorganic growth. Hemmelrath We also continued our legacy of returning cash to shareholders, A global manufacturer of coatings In 2019, the company generated for automotive original equipment with about $800 million returned adjusted earnings per diluted manufacturers (OEMs) share from continuing operations in 2019 through share repurchases of $6.22, up about 5% versus the and dividends, including a per share prior year. Excluding the impact of dividend increase for the 48th foreign currency translation, adjusted consecutive year. earnings per diluted share were $6.38, which is an increase of about 8% As we look ahead, we are optimistic from the prior year and firmly within that the global economy will grow the earnings guidance provided in modestly in 2020, despite continued January 2019. geo-political and trade uncertainty. Due to changing market conditions, Dexmet Corporation Strategically, we continued to optimize we will continue to aggressively A manufacturer of specialty materials for our business portfolio, completing manage all elements within our surfaces in aerospace, automotive and four acquisitions in 2019. These control. We will also continue to target industrial applications acquisitions, shown to the right, earnings per share and cash flow will further broaden the company’s growth, while strategically pursuing geographic footprint and technology organic and inorganic growth reach. opportunities. We continue to grow our resources We have a strong track record of across the world. In 2019, we creating shareholder value with announced investments in PPG’s acquisitions. We have an excellent Greenville, South Carolina, coatings balance sheet, and we will remain Texstars, LLC services facility; distribution centers consistent with what we said in 2019 in Guadalajara, Mexico and Flower - we don’t intend to let excess cash A manufacturer of high-performance Mound, Texas; an application support grow in our balance sheet, but we will transparencies, wingtip lenses and plastic center at the Seletar Aerospace remain disciplined in deploying this components for aerospace and defense Park in Singapore; and research and resource. vehicles, and a leader in advanced transparent coatings 2019 PPG ANNUAL REPORT AND FORM 10-K | i A MESSAGE FROM OUR CHAIRMAN Our safety and sustainability We are a company built upon achieving our goals. And none PPG’s culture of continuous improvement also underpins are more important than those pertaining to the safety of each our approach and commitment to sustainable operations. and every PPG employee – 365 days a year. Our environment, Whether it is increasing the efficiency of our operations health and safety (EHS) policy and standards define our or developing our people, our improvement efforts expectations, and we continually strengthen programs and naturally extend to many areas that affect our sustainability procedures to reduce health and safety risks in our operations. performance. To ensure progress against our goal of zero injuries, we strive to achieve an improvement of at least 5% per year in our injury In 2019, our employees continued to enhance our and illness rate. sustainable operations around the globe. During the year, we recognized 22 projects through our internal sustainability While we fell short of achieving our ultimate goal of zero awards initiative. These projects helped us reduce our waste, injuries in 2019, this remains our top priority. We are taking water and emissions. actions across the company to improve our 2020 safety metrics. These actions aim to improve behaviors and ensure Please visit sustainability.ppg.com to learn more about PPG’s our individual safety and the safety of our colleagues. 2025 sustainability goals and progress. 2019 SUSTAINABILITY HIGHLIGHTS of sales from % sustainably-advantaged 33 products and processes % decrease in greenhouse 7 gas (GHG) emissions waste disposal intensity % reduction from the 2017 25 baseline, meeting our 2025 goal 6 years ahead of schedule % reduction in water 7 withdrawn ii | 2019 PPG ANNUAL REPORT AND FORM 10-K 2019 PPG ANNUAL REPORT AND FORM 10-K | iii A MESSAGE FROM OUR CHAIRMAN In 2019, approximately 30% of our professional hires were women – a 7% increase since 2014 iv | 2019 PPG ANNUAL REPORT AND FORM 10-K Our culture THE PPG WAY In 2019, we intensified our focus on the key cultural attributes, behaviors and actions that will propel our success. As I have said many times before, PPG’s We partner with customers greatest strength is its people. We have embarked on a journey to define and to create mutual value. enhance PPG’s culture and employee engagement efforts. The result was the We are insightful, dedicated launch of The PPG Way, which embodies a culture of ownership, empowerment and proactive. We have and inclusiveness. The PPG Way includes six important tenets. Every single day intimate knowledge of the at PPG, these tenets are further enabling, empowering and engaging employees market and our customers. across the world. We focus on practical solutions that make a difference. Whether it is developing a new product, solving a customer’s challenge, participating in a community engagement project or implementing a new We are “One PPG" technology, there are thousands of ways each year that our more than to the world. 47,000 employees globally are demonstrating The PPG Way and shaping the company's future. We are better and stronger together. We leverage our In 2019, the company recognized and celebrated these and many other scale to reach new markets examples of employees embodying The PPG Way and bringing to life our and introduce innovative technologies as we purpose of protecting and beautifying the world. differentiate and disrupt our markets. Another strength of PPG is the diversity of our people, who represent wide- ranging nationalities, cultures, languages, religions, ethnicities, lifestyles, and professional and educational backgrounds. Their unique perspectives enable We trust our people us to meet challenges quickly, creatively and effectively, providing a significant every day, in every way. competitive advantage in today’s global economy. We enable and empower our people to make the right Our business and functional leaders set goals related to diversity and monitor decisions. We are inclusive, progress on a regular basis. This is supported by specific actions around transparent and respectful.
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