PPG Industries has ‘very strong’ balance sheet, $1.6 billion of cash

By Devika Patel

Knoxville, Tenn., July 20 – PPG Industries, Inc. plans to use its $1.6 billion of cash on the balance sheet to conduct acquisitions and share repurchases, since the company has a “very strong” balance sheet and management has prioritized returning capital to shareholders via repurchases.

“We ended the quarter with a very strong balance sheet, including approximately $1.6 billion of cash,” chairman and chief executive officer Michael H. McGarry said on the company’s second quarter earnings conference call on Thursday.

“We intend to deploy $2.5 to $3.5 billion of cash on acquisitions and share repurchases in 2017 and 2018,” he said.

PPG is a diversified coatings and chemical manufacturing company based in Pittsburgh.

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