PPG Announces Glass Business Realignment; Third-Quarter
Results Affected Negatively
With demand declining for automotive and residential window glass,
Pittsburgh-based PPG Industries has announced it is realigning its
performance glazings business. The company will cease production
at its Owen Sound, Ontario, Canada, glass manufacturing facility
in the first quarter 2009, and idle one float glass line at its
Mt. Zion, Ill., glass plant in the second quarter of next year.
"This realignment will enable us to adapt to the changing
demands of the industry," says Mark Orcutt, PPG vice president,
performance glazings. More specifically, Orcutt cites demand for
specialized glass for the emerging solar market and energy-efficient
glass to satisfy evolving building codes fueled by the green building
movement, which is driving the commercial construction market.
In addition, PPG announced that its third-quarter 2008 financial
results will be affected negatively by several non-recurring items,
including impacts from weather-related events, and by further deterioration
in the automotive original equipment manufacture market. The company
said these items will likely affect its third-quarter after-tax
earnings negatively by between $35 million and $40 million, or 20
cents and 25 cents per share.
HERE to read the full story on PPG's realignment.
HERE to read PPG's announcement about its financial results.
Need more info and analysis about the issues?
HERE to subscribe to USGlass magazine.