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PPG 2011 Annual Report.Indd 2011 PPG Annual Report and Form 10-K PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products Company Profile company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2011 were $14.9 billion. PERFORMANCE COATINGS n OPTICAL AND SPECIALTY MATERIALS n n AEROSPACE. Leading manufacturer of transparencies, n OPTICAL PRODUCTS. Produces optical monomers electrochromic cabin window shades, sealants and coatings, and coatings, including CR-39®, Trivex® and Tribrid™ lens and provider of surface solutions, packaging, and chemical materials, high performance NXT® sunlenses, optical sheet management services, delivering new technologies and transparencies, photochromic dyes and Transitions® solutions to airframe manufacturers, airlines and maintenance photochromic eyeglass lenses. providers for the commercial, military and general aviation n industries globally. Also supplies transparent armor for SILICAS. Produces amorphous precipitated silicas for tire, ® military vehicles. battery separator and other end-use applications and Teslin substrate used in applications such as radio frequency n ARCHITECTURAL COATINGS AMERICAS AND identification (RFID) tags and labels, e-passports, driver’s ASIA PACIFIC. Produces paints, stains and specialty coatings licenses and identification cards. for the commercial, maintenance and residential markets under brands such as PPG Pittsburgh Paints®, PPG Porter COMMODITY CHEMICALS n Paints®, PPG, Master’s Mark®, Renner®, Lucite®, Olympic®, n CHLOR-ALKALI AND DERIVATIVES. Produces chlorine, Taubmans® and Ivy®. caustic soda and related chemicals for use in chemical n AUTOMOTIVE REFINISH. Produces and markets a full manufacturing, pulp and paper production, water line of coatings products and related services for automotive treatment, plastics production, agricultural products, and commercial transport/fleet repair and refurbishing, light pharmaceuticals and many other applications. industrial coatings and specialty coatings for signs. GLASS n PROTECTIVE AND MARINE COATINGS. Leading supplier n of corrosion-resistant, appearance-enhancing coatings for n FIBER GLASS. Manufactures fiber glass reinforcement the marine, infrastructure, petrochemical, offshore and power materials for thermoset and thermoplastic composite industries. Produces the Amercoat®, Freitag®, PPG High applications, serving the transportation, energy, ® Performance Coatings and Sigma Coatings brands. infrastructure and consumer markets. Produces fiber glass yarns for electronic printed circuit boards and specialty applications. INDUSTRIAL COATINGS n n FLAT GLASS. Produces flat glass and coated glass that n AUTOMOTIVE OEM COATINGS. Leading supplier of is fabricated into products primarily for commercial coatings, specialty products and services to automotive, construction and residential markets, as well as the solar commercial vehicle, fascia and trim manufacturers. Products energy, appliance, mirror and transportation industries. include electrocoats, primer surfacers, basecoats, clearcoats, liquid applied sound dampeners, bedliner, pretreatment chemicals, adhesives and sealants. Glass n INDUSTRIAL COATINGS. Produces coatings for appliances, (7%) agricultural and construction equipment, consumer Commodity products, electronics, automotive parts, residential and Chemicals commercial construction, wood flooring, joinery (windows and (12%) doors) and other finished products. Performance Coatings Optical & n Global supplier of coatings, inks, (31%) PACKAGING COATINGS. Specialty Materials compounds, pretreatment chemicals and lubricants for metal (8%) 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 East and Africa). Supplier of market-leading paint brands (28%) for the trade and retail markets such as Sigma Coatings®, Histor®, Brander®, Dyrup®, Bondex®, Balakryl®, Boonstoppel®, Rambo®, Seigneurie®, Penitures Gauthier®, Guittet®, Ripolin®, ® ® ® ® ® ® ANNUAL REPORT ANNUAL Johnstone’s , Leyland , Dekoral , Trinat , Hera , Primalex , 2011 Segment Net Sales Prominent Paints® and Freitag®. 2011 Financial Highlights . 1 Financial and Operating Review . 32 Letter From the Chairman . 2 Five-Year Digest . 86 PPG INDUSTRIES Contents Management’s Discussion and Analysis . 17 PPG Shareholder Information. 87 2011 2011 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 1,200 8 2.5 12,220 15,849 12,239 13,423 14,885 834 538 336 769 1,095 5.03 3.25 2.03 4.63 6.87 2.04 2.09 2.13 2.18 2.26 7 1,000 2.0 15,000 6 800 5 1.5 10,000 600 4 3 1.0 400 5,000 2 0.5 200 1 0 0 0 0.0 FOR THE YEAR 2011 CHANGE 2010 of Net Sales $ 14,885 11 % $ 13,423 Board Operating Net Income* $ 1,095 42 % $ 769 Directors Committee Earnings per Share* ‡ $ 6.87 48 % $ 4.63 C E. B C E. B* Chairman and Chief Executive Officer, Chairman and Chief Executive Officer Dividends per Share $ 2.26 4 % $ 2.18 PPG Industries, Inc. J. R A * Return on Average Capital 16.6 % 29 % 12.9 % S F. A Executive Vice President Chairman, President and Chief Operating Cash Flow $ 1,436 10 % $ 1,310 Executive Officer, Praxair, Inc. P-M D L* Nominating and Governance Committee; Executive Vice President Capital Spending $ 446 31 % $ 341 Technology and Environment Committee G E. B II* J G. B Research and Development $ 445 9 % $ 408 Sr. Vice President and General Counsel Partner, Clayton, Dubilier & Rice, LLC, and retired President, Emerson Electric Co. D B. N * Average Shares Outstanding ‡ 159.3 -4 % 165.9 Audit Committee; Nominating and Sr. Vice President, Finance, Governance Committee and Chief Financial Officer Average Number of Employees 38,400 — % 38,300 H G R C. E Chairman, President and Chief Executive Sr. Vice President, AT YEAR END 2011 CHANGE 2010 Officer, Monsanto Company Optical and Specialty Materials Nominating and Governance Committee; PPG Shareholders’ Equity $ 3,249 -11 % $ 3,638 Officers-Directors Compensation Committee M H. MG V F. H 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, C A. N asset due to tax law changes included in health care legislation enacted in March 2010 that included a provision to RTI International Sr. Vice President, Automotive OEM Coatings Audit Committee; Technology reduce the amount of retiree medical costs that will be deductible after Dec. 31, 2012. and Environment Committee V R. S ‡Assumes dilution. Sr. Vice President, Industrial Coatings, M J. H and President, PPG Europe President and Chief Executive Officer, The Directors’ Council A G Audit Committee; Nominating Vice President and Treasurer and Governance Committee A J R M Vice President, Strategic Planning Chairman, President and Chief Executive and Corporate Development Officer, Teledyne Technologies Incorporated Officers-Directors Compensation Committee; J. C J Technology and Environment Committee Vice President, Human Resources M H. R C F. K II Chairman, President and Chief Executive Chief Technology Officer and Vice President, Officer, AGCO Corporation Research and Development, Coatings Audit Committee; Technology and Environment Committee 2011 R R *Member of the Executive Committee Chairman, Lightpath Technologies, Inc., PPG INDUSTRIES and former Chairman and Chief Executive Officer, AMP Inc. Audit Committee; Officers-Directors Compensation Committee T J. U Non-executive Chairman of the Board, Marathon Petroleum Corporation A Officers-Directors Compensation Committee; NNUA Technology and Environment Committee D R. W L R Retired Chairman and Chief Executive EP Officer, Whirlpool Corporation Nominating and Governance Committee; This sheet is printed on Teslin® SP1000 Blue. O Officers-Directors Compensation Committee RT 1 Letter from the Chairman n 2011, PPG delivered record full-year earnings per share coatings manufacturing facility in Tianjin, China. We also Iof $6.87. This represents an increase of 48 percent over announced four acquisitions: Equa-Chlor, a chlor-alkali 2010 and easily establishes a new record for the company. producer in the western United States; Dyrup, a European Net income also was a record at $1.1 billion, an increase of architectural coatings and wood care business; Ducol, a 42 percent over last year. Earnings per share in each quarter South African automotive refinish company; and Colpisa, a of the year eclipsed prior quarter records by an average of Colombian automotive coatings producer. about 20 percent. And sales for the year were $14.9 billion, PPG maintained its long tradition of rewarding an increase of 11 percent over 2010. shareholders in 2011 by returning $1.2 billion, or about 85 This strong performance was achieved despite global percent of the cash we generated from operations, in the growth rates that were uneven by region and varied by form of dividends and share repurchases. We are proud to industry. More importantly, these results demonstrate that have paid uninterrupted
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