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Ppg Annual Report and Form 10-K 3 Ppg Industries, Inc

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Ppg Annual Report and Form 10-K 3 Ppg Industries, Inc 2010 PPG AnnualAnnual ReportReport and Form 10-K PPG Industries’ vision is to continue to be the Company Profile world’s leading coatings and specialty products company. Founded in 1883, the company serves customers in industrial, transportation, consumer products, and construction markets and aftermarkets. With headquarters in Pittsburgh, PPG operates in more than 60 countries around the globe. Sales in 2010 were $13.4 billion. PERFORMANCE COATINGS n OPTICAL AND SPECIALTY MATERIALS n n AEROSPACE. Leading supplier of transparencies, sealants, n OPTICAL PRODUCTS. Produces optical monomers coatings and surface solutions, packaging, and chemical and coatings, including CR-39® and Trivex® lens materials, management services, serving original equipment high performance sunlenses, cast sheet transparencies, manufacturers and maintenance providers for the commercial, photochromic dyes and Transitions® photochromic military, regional jet and general aviation industries. Also ophthalmic plastic lenses. supplies transparent armor for military markets. n SILICAS. Produces amorphous precipitated silicas for n ARCHITECTURAL COATINGS — AMERICAS AND tire, battery separator and other end-use applications ASIA/PACIFIC. Produces paints, stains and specialty and Teslin® substrate used in applications such as coatings for the commercial, maintenance and residential radio frequency identification (RFID) tags and labels, markets under brands such as PPG Pittsburgh Paints™, e-passports, driver’s licenses and identification cards. PPG Porter Paints™, PPG, Master’s Mark®, Renner®, Lucite®, Olympic®, Taubmans® and Ivy®. COMMODITY CHEMICALS n n AUTOMOTIVE REFINISH. Produces and markets n CHLOR-ALKALI AND DERIVATIVES. Produces chlorine, a full line of coatings products and related services for caustic soda and related chemicals for use in chemical automotive and commercial transport/fleet repair and manufacturing, pulp and paper production, water refurbishing, light industrial coatings and specialty treatment, plastics production, agricultural products, coatings for signs. pharmaceuticals and many other applications. n PROTECTIVE AND MARINE COATINGS. Leading supplier of corrosion-resistant, appearance-enhancing GLASS n coatings for the marine, infrastructure, petrochemical, n FIBER GLASS. Manufactures fiber glass reinforcement offshore and power industries. Produces the Amercoat®, materials for thermoset and thermoplastic composite Freitag®, PPG High Performance Coatings and Sigma applications, serving the transportation, energy, Coatings® brands. infrastructure and consumer markets. Produces fiber glass yarns for electronic printed circuit boards and INDUSTRIAL COATINGS n specialty applications. n AUTOMOTIVE OEM COATINGS. Leading supplier of n FLAT GLASS. Produces flat glass that is fabricated into coatings, specialty products and services to automotive, products primarily for commercial construction and commercial vehicle, fascia and trim manufacturers. residential markets, as well as the solar energy, appliance, Products include electrocoats, primer surfacers, mirror and transportation industries. basecoats, clearcoats, liquid applied sound dampeners, bedliner, pretreatment chemicals, adhesives and sealants. n INDUSTRIAL COATINGS. Produces coatings for Glass appliances, agricultural and construction equipment, (7%) consumer products, electronics, automotive parts, Commodity Chemicals residential and commercial construction, wood flooring, (10%) joinery (windows and doors) and other finished products. Performance Coatings (32%) n PACKAGING COATINGS. Global supplier of coatings, Optical & Specialty inks, compounds, pretreatment chemicals and lubricants Materials (9%) for metal and plastic containers for the beverage, food, general line and specialty packaging industries. Architectural Coatings - EMEA ARCHITECTURAL COATINGS – EMEA (14%) n Industrial n ARCHITECTURAL COATINGS — EMEA (Europe, Middle Coatings (28%) East and Africa). Supplier of market-leading paint brands for the trade and retail markets such as Sigma Coatings®, Histor®, Brander®, Boonstoppel®, Rambo®, Seigneurie®, Penitures Gauthier®, Guittet®, Ripolin®, Johnstone’s®, Leyland®, Dekoral®, Trinat®, Hera®, Primalex®, Prominent 2010 Segment Net Sales Paints® and Freitag®. 2010 Financial Highlights . 1 Financial and Operating Review . 28 Contents Letter From the Chairman . 2 Five-Year Digest . 82 PPG INDUSTRIES ANNUAL REPORT Management’s Discussion and Analysis . 16 PPG Shareholder Information . 83 2010 2010 Financial Highlights Average shares outstanding and all dollar amounts except per share data are in millions. Net Sales Net Income Earnings per Share Dividends per Share 20,000 1000 6 2.5 10,938 12,220 15,849 12,239 13,423 711 834 538 336 769 4.27 5.03 3.25 2.03 4.63 1.91 2.04 2.09 2.13 2.18 5 800 2.0 15,000 4 600 1.5 10,000 3 400 1.0 2 5,000 200 0.5 1 0 0 0 0.0 FOR THE YEAR 2010 CHANGE 2009 Board of Operating Net Sales $ 13,423 10 % $ 12,239 Directors Committee Net Income* $ 769 129 % $ 336 Earnings per Share* ‡ $ 4.63 128 % $ 2.03 Charles E. Bunch Charles E. Bunch* Chairman and Chief Executive Officer, Chairman and Chief Executive Officer Dividends per Share $ 2.18 2 % $ 2.13 PPG Industries, Inc. J. Rich Alexander* Stephen F. Angel Return on Average Capital 12.9 % 95 % 6.6 % Executive Vice President, Performance Coatings Chairman, President and Chief Pierre-Marie De Leener* Operating Cash Flow $ 1,310 -3 % $ 1,345 Executive Officer, Praxair, Inc. Nominating and Governance Committee; Executive Vice President, Architectural Coatings – Capital Spending $ 341 29 % $ 265 Technology and Environment Committee EMEA, and President, PPG Europe James G. Berges Glenn E. Bost II* Research and Development $ 408 — % $ 403 Partner, Clayton, Dubilier & Rice, and Sr. Vice President and General Counsel retired President, Emerson Electric Co. J Average Shares Outstanding ‡ 165.9 — % 165.5 Audit Committee; Nominating and Robert . Dellinger* Governance Committee Sr. Vice President, Finance, Average Number of Employees 38,300 -4 % 39,900 Hugh Grant and Chief Financial Officer Chairman, President and Chief Executive Richard C. Elias AT YEAR END 2010 CHANGE 2009 Officer, Monsanto Company Sr. Vice President, Nominating and Governance Committee; Optical and Specialty Materials PPG Shareholders’ Equity $ 3,638 -3 % $ 3,753 Officers-Directors Compensation Committee Michael H. McGarry Victoria F. Haynes Sr. Vice President, Commodity Chemicals * Includes in 2010 an aftertax charge of $85 million, or 51 cents per share, representing a reduction in a deferred tax President and Chief Executive Officer, Cynthia A. Niekamp asset due to tax law changes included in health care legislation enacted in March 2010 that included a provision to RTI International Audit Committee; Technology reduce the amount of retiree medical costs that will be deductible after Dec. 31, 2012, and an aftertax charge of $8 Sr. Vice President, Automotive OEM Coatings and Environment Committee Viktoras R. Sekmakas million, or 4 cents per share, representing the net increase in the value of the company’s obligation under its asbestos Michele J. Hooper settlement agreement. Includes in 2009 aftertax charges of $141 million, or 86 cents per share, representing business Sr. Vice President, Industrial Coatings, President and Chief Executive Officer, and President, PPG Asia/Pacific restructuring and $8 million, or 5 cents per share, representing the net increase in the value of the company’s obligation The Directors’ Council under its asbestos settlement agreement. Audit Committee; Nominating Aziz Giga and Governance Committee Vice President and Treasurer ‡Assumes dilution. Robert Mehrabian Anup Jain Chairman, President and CEO, Vice President, Strategic Planning Teledyne Technologies Incorporated and Corporate Development Officers-Directors Compensation Committee; J J Technology and Environment Committee . Craig ordan Martin H. Richenhagen Vice President, Human Resources Chairman, President and Chief Executive Charles F. Kahle Officer, AGCO Corporation Chief Technology Officer and Vice President, Audit Committee; Technology Research and Development, Coatings and Environment Committee David B. Navikas 2010 Robert Ripp Vice President and Controller Chairman, Lightpath Technologies, Inc., PPG INDUSTRIES ANNUAL REPORT and former Chairman and CEO, AMP Inc. Audit Committee; Officers-Directors Compensation Committee *Member of the Executive Committee Thomas J. Usher Non-executive Chairman of the Board, Marathon Oil Corporation Officers-Directors Compensation Committee; Technology and Environment Committee David R. Whitwam Retired Chairman and CEO, Whirlpool Corporation Nominating and Governance Committee; Officers-Directors Compensation Committee This sheet is printed on Teslin® SP1000 Blue. 1 Letter from the Chairman Lastly, we continued to invest for profitable growth, with organic capital spending up nearly 30 percent in 2010. n the last two quarters of 2010, PPG posted record During the year, we began construction of a new coatings Iearnings, and for the full year the company posted very resin facility in China and expanded the manufacturing strong earnings, despite sales volume levels that were still capacity of two coatings plants, also in China. $1.2 billion below pre-recession levels. Our performance Our financial performance in 2010 is clear evidence that benefited from the strategic actions we successfully these efforts are bearing fruit. Our earnings per share for implemented over the past decade and was supplemented 2010 were $4.63, more than
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