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Pittsburgh, PA, United States, 2009/12/10 - PPG Industries (NYSE: PPG) announced today that its board of directors has authorized the repurchase of an additional 5 million shares of outstanding common stock. NYSE: PPG
The new authorization is effective immediately, does not expire and gives management discretion in determining the conditions under which shares may be purchased from time to time. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may commence or cease from time to time without prior notice.
In October 2005, PPG’s board of directors authorized a repurchase program for 10 million shares, of which approximately 1,150,000 shares are currently available for repurchase.
Pittsburgh-based PPG (ppg.com) is a global supplier of paints, coatings, optical products, specialty materials, chemicals, glass and fiber glass. The company has more than 140 manufacturing facilities and equity affiliates and operates in more than 60 countries. Sales in 2008 were $15.8 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG).
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to PPG Industries’ share repurchase program. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including PPG Industries’ ability to complete the share repurchase program and the other risks and uncertainties discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.