PPG Industries Inc., the world's leading diversified
manufacturer, announced five acquisitions in the second quarter in
order to raise its market share in key coatings markets.
These moves begin to make an impact on its sustained and rapid
growth. According to?the recently released second quarter
report, PPG realized net income of US$280 million on sales revenue
of US$2.8 billion, a year-on-year growth of 21 percent and 6
percent respectively. Its coatings business in Asia grew 21 percent
in the second quarter.
PPG's Asia Pacific development strategy and target is to achieve
US$2 billion sales within 5 years. To achieve this, it acquired
Crown Coatings of Singapore, a leading wood coatings company and
moved it to China for production. As for architectural coatings
market, it expanded its distribution channels by acquiring certain
assets of Shanghai Sunpool, who has been the sole distributor for
its interior coatings brand Master's Mark Paints. For fiber glass
products, PPG and Nanya Plastics Corporation have built the world's
largest fiber glass manufacturing plant in Kunshan, with a
potential output capacity of 120,000 metric tons.
"Looking ahead, funding growth initiatives remains a priority
for our free cash flow," said Charles E. Bunch, the company's
chairman and chief executive officer.
(China.org.cn August 23, 2006)
