In 1999, a 3.2% increase in sales to US$ 7.51 billion was reported by PPG, but operating profit was down 21% to US$ 1.08 billion. The depressed performance was blamed on weak pricing for chlor-alkalis…
In 1999, a 3.2% increase in sales to US$ 7.51 billion was reported by PPG, but operating profit was down 21% to US$ 1.08 billion. The depressed performance was blamed on weak pricing for chlor-alkalis and acquisitions in the coatings sector. Excluding acquisition charges, a record result was recorded by this sector. Although there was a 10% decline in sales by the glass sector to US$ 2.25 billion and a 19.2% drop in operating profits to US$ 386 miilion, both operating profits and sales showed a slight improvement in the fourth-quarter of 1999. Operating profits from chemicals were down 50% to US$ 177 million because of increased energy costs. Sales were up 6.6% to US$ 1.42 billion. For coatings, sales were 17.9% higher at US$ 4.07 billion, with a 4.3% rise in operating profits to US$ 522 million.