PPG Announces Share Repurchase; Directors Set Dividend PITTSBURGH--(BUSINESS WIRE)--Jan. 20, 2005
--As a result of strong earnings and cash flow announced earlier today, PPG Industries (NYSE:PPG) announced it expects to purchase up to $500 million of stock by year end under a previously authorized and announced share repurchase program.
Combined with the $100 million share repurchase completed late last year, PPG will have repurchased about 5 percent of the company's outstanding shares by year end.
Since the mid-1980s the company has reduced its outstanding shares by more than 38 percent. That includes the repurchase of more than 36 million shares for $1.8 billion from 1994 through 1997.
Also today the board of directors declared a regular quarterly dividend of 45 cents a share, payable March 11 to shareholders of record Feb. 22.
PPG has paid uninterrupted dividends since 1899.
Douglas B. Atkinson