Navikas Discusses PPG Business, Financial Performance at Citi Basic Materials SymposiumNovember 29th, 2012 | Category: Industry News
PPG Industries senior vice president, finance and chief financial officer, David B. Navikas, yesterday discussed the company’s business and financial performance at the 2012 Citi Basic Materials Symposium in New York City.
According to the announcement, Navikas covered topics such as the transformation of PPG’s business portfolio; growth of the company’s coatings and specialty materials businesses; acquisitions; growth in emerging regions; separation of PPG’s commodity chemicals business, and its merger with Georgia Gulf Corp.; and the company’s “footprint” in the global coatings industry. He also participated in a question-and-answer session.
“We are in the midst of a portfolio transformation … We’ve taken a series of strategic actions to move our overall portfolio away from a diversified, more commodity-oriented industrial company toward a much more focused coatings and specialty materials company,” said Navikas during the presentation. “The strategic actions have included about 50 acquisitions over that time period, mainly in the coating space.”
He continued saying, “As a result of those strategic actions, our coatings and specialty materials businesses have more than doubled in the time period from ’01 to 2011. And they’ve grown significantly as a percentage of our total portfolio, and now those businesses that are our core focus represent 80 percent of our sales.”
Navikas added that the company has “an excellent global footprint with about one-third of our sales currently in the U.S. and Canada, one-third in Europe, and one-third in the emerging regions of the world. This … provides us with the opportunity to pursue the best growth prospects around the world.”