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PPG Industries, Inc. All Rights Reserved ~$400M Completed $15.3B acquisitions Net sales Full-year 2015 Full-year 2015 $1.5B ~$475M Cash and Capital short-term spending investments and growth At year-end projects Full-year 2015 2015 Annual Report linkedin.com/company/ppg-industries PPG One PPG Place facebook.com/ppgindustries Pittsburgh, PA 15272 twitter.com/ppgindustries 412.434.3131 The PPG Logo is a registeredyoutube.com/user/PPGIndustriesInc trademark and Colorful Communities and We protect and beautify the world are www.ppg.com trademarks of PPG Industries Ohio, Inc. Comex is a registered trademark of Consorcio Comex, S.A. de C.V. Copyright © 2016 PPG Industries, Inc. All rights reserved. Letter from the President For us, making the world and Chief Executive Officer a more beautiful place starts right at home. PPG-Comex recently celebrated the opening of its 4,000th store. NO INK To Our Valued PPG Shareholders, 2015 was another record year for our 132-year- old company. Thanks to our customers and employees, we were able to strengthen our AQUEOUS global paint and coatings businesses despite some challenging global economic conditions. Throughout the year, we continued to deliver on our commitment to produce industry leading paint, coatings and specialty materials that our customers trust to protect and beautify their products and surroundings. Our employees’ DO NOT PRINT dedication, energy, innovative spirit and technical know-how are key reasons why customers rely on PPG. Our Performance PPG delivered strong financial results in 2015, achieving the highest adjusted earnings per diluted share in company history. Our Strategic Actions Highlights of our financial performance include: We also completed several strategic In 2015, we continued to reinvest in our initiatives aimed at creating long-term businesses while also distributing cash • Record full-year adjusted earnings per value for our shareholders. through dividends and share repurchases diluted share from continuing operations as we deployed approximately $2.0 billion of $5.69, up 17 percent year-over-year; This included the successful integration to grow the businesses and reward shareholders. of Comex, the leading paint supplier in This included: • Full-year net sales of $15.3 billion; sales up Mexico, which we acquired in late 2014. more than 7 percent year-over-year in local The performance of PPG-Comex has been • Approximately $475 million in capital currencies; excellent by every measure. In addition, spending, including several key growth we have maintained the pace of opening projects; • Full-year cash deployment of $1.15 billion, a new PPG-Comex concessionaire store including business acquisitions that totaled location approximately every two days. I • More than $400 million spent on six more than $400 million (purchase price) am proud to note that we’ve surpassed acquisitions (purchase price); and and share repurchases of approximately the milestone of 4,000 store locations $750 million; in Mexico. While these achievements • Approximately $1.1 billion returned to are significant, we still have considerable shareholders through dividends paid • Cash and short-term investments totaling growth opportunities ahead. totaling approximately $385 million and $1.5 billion at year-end; and share repurchases totaling approximately In addition, we completed six smaller $750 million. • Cash from continuing operations was a acquisitions during 2015 that we expect will record $1.8 billion, up 2 percent versus further strengthen our product, technology We also maintained our heritage of rewarding Every year, PPG makes the neighborhoods we live and work in brighter the prior year. and distribution offerings to customers. I shareholders by raising our annual per share encourage you to read more about these dividend payout for the 44th consecutive through efforts such as our Colorful Communities program. This global initiative You can read more about our 2015 financial acquisitions in the “Key Highlights” section year, including a 7 percent per-share dividend brings together PPG volunteers and products with local nonprofit groups to results in the Annual Report’s Form 10-K. of this report. increase in April 2015. protect and beautify spaces that make people feel great about where they live. It’s a big job. But we’re just the people to get it done. See all the ways we’re keeping the world beautiful at ppg.com Our Operations and Communities Our Path Forward At PPG, a focus on sustainable operations As we look to 2016, PPG remains focused on has long been a hallmark of who we are delivering higher organic growth, including and how we do business. Our emphasis continued commercialization of our innovative, on sustainability extends to ensuring our industry leading paint, coatings and specialty operations are as safe and efficient as materials. possible. In 2015, we reduced our injury and illness rate by 11 percent. We’ve also Being the world’s leading paint and coatings made strides this past year in reducing company is a journey -- not a destination. In energy intensity (8 percent), waste intensity many ways, our journey has just begun. So (7 percent) and overall GHG emissions we continue our focus on driving growth from (7 percent). And we’ve continued our work within our businesses. toward the most efficient use of raw materials used to manufacture our products and recycle We also will continue to be aggressive on materials after the manufacturing process is efficiency and productivity initiatives. As those complete. Our employees continue to find of you who have followed us for years know new ways to improve in these and other areas, quite well, this is a never ending quest at PPG. which last year resulted in nearly 250 projects We are always looking for ways to improve our that were recognized through our internal cost structure. sustainability awards process. We estimate that our environmental and ergonomic-related Finally, our balance sheet remains strong, as improvement projects in 2015 saved more we ended the year with cash and short-term than $14 million. investments of approximately $1.5 billion. We intend to continue creating and enhancing Our efforts also extend beyond PPG’s shareholder value through earnings-accretive operations with innovative products that cash deployment. We remain on pace with provide environmental benefits to our our prior commitment to deploy between customers. From PPG products that $2.0 billion and $2.5 billion of cash in years contribute to lighter, more fuel-efficient 2015 and 2016 combined, including the $1.15 vehicles, airplanes and ships ... to innovative billion we deployed in 2015. paint systems that help our customers reduce their energy consumption, We expect coatings industry consolidation conserve water and reduce waste. to continue in 2016, and our pipeline remains robust as we continue to review potential In our communities, we launched the acquisitions around the world. Share COLORFUL COMMUNITIES™ program in repurchases will also remain an integral part of 2015, a 10-year initiative to enhance, protect our capital allocation strategy. and beautify communities around the world through the use of our products. Together And, of course, we must do these things while with our employees and community partners, strictly adhering to our values and constantly we completed 11 Colorful Communities focusing on the safety of our employees. projects last year. We are well-positioned to achieve our goals, Our efforts to enhance our operations and I strongly believe PPG’s brightest days and enrich communities are a continuous are ahead of us. focus across PPG, and we continue to make progress every day. To read more Thank you for your continued interest and about our programs and progress in these investment in PPG. areas, you can read our Sustainability and Community Engagement Reports by visiting www.ppg.com. Michael H. McGarry President and Chief Executive Officer 2015 PPG Annual Report and Form 10-K • Page 1 Key Highlights in 2015 PPG completed a $40 million expansion project at its Sumaré, São Paulo, Brazil, facility in 2015, adding this new resin plant. April 1 Acquired REVOCOAT, a global supplier of sealants, adhesives May 29 Expanded investment in and damper products for the automotive global communities where PPG operates industry. with launch of the $10 million-over-10- March 19 Completed a $40 years COLORFUL COMMUNITIES™ June 2 Completed the million project to add on-site resin strategic initiative, which aims to enhance, acquisition of Consorcio Latinoamericano, production at our Sumaré, São Paulo, protect and beautify neighborhoods a network of 57 paint stores in Central Brazil, coatings manufacturing facility. where we operate. Together with America. community partners and PPG employees Acquired specialty March 31 who volunteer, the program supports July 1 Acquired Cuming Microwave, wood-care and paint products brand, projects that transform community assets a manufacturer of coatings that absorb FLOOD Australia. using donated PPG products. In 2015, microwaves and radio waves and that PPG completed 11 Colorful Communities have applications in military aircraft, projects, and it expects to complete about electronics, telecommunications and 30 more in 2016. medical equipment. 2015 PPG Annual Report and Form 10-K • Page 2 PPG completed a $27 million expansion at its San Juan del Rio, Quéretaro, Mexico, facility in 2015. Shown here are employees Nohemí Loyola, left, and Estefanía Ponce, right. October 1 Acquired majority interest in a new joint September 1 Completed venture, called Sealants Europe a $3.8 million expansion at our Laguna SAS, formed with the aerospace and September 1 Michael H. de Duero, Valladolid, Spain, paint and automotive sealants and adhesives McGarry became PPG President and coatings facility, enabling an 80 percent business of Le Joint Français (LJF). CEO. McGarry, who previously served increase in the site’s annual production as President and Chief Operating Officer, capacity. December 15 Began succeeded Chairman and CEO Charles using chloride-grade titanium dioxide E.
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