The board of directors of PPG Industries declared a regular quarterly dividend of 40 cents a share and authorized repurchase of up to 10 million additional shares.
Since October 1993, the Group has r…
The board of directors of PPG Industries declared a regular quarterly dividend of 40 cents a share and authorized repurchase of up to 10 million additional shares. Since October 1993, the Group has repurchased around 48 million shares. PPG“s dividend increased most recently by 2 cents in March 2000, marking 30 consecutive years of dividend increases. Raymond W. LeBoeuf, chairman and chief executive, claims the share repurchase authorization to be consistent with PPG“s policy of investing cash flow in excess of that used for acquisitions or internal investments in dividend increases and periodic share buy-backs. The 10-million-share repurchase authorized in 1998 is forecasted by the Group to be completed before the end of 2000, and the new authorization maintains PPG“s flexibility for continued use of the strong cash flow to benefit long-term interests of shareholders. LeBoeuf says that, given the current business environment, using excess cash for share repurchases is appropriate and beneficial to shareholders.