PITTSBURGH – PPG Industries’ board of directors has authorized the repurchase of an additional 10 million shares of outstanding common stock.
 
The new authorization is effective immediately and does not expire. It also gives management discretion in determining the conditions under which shares may be purchased from time to time.
 
In October 2010, PPG’s board of directors authorized a repurchase program for 10 million shares, of which approximately 1.7 million shares remained as of Sept. 30.
 
“In the three years since PPG completed the SigmaKalon acquisition in 2008, our average annual cash from operations grew by nearly 30 percent versus the prior five-year average, providing us with additional cash to grow earnings and return to shareholders,” said David Navikas, PPG senior vice president, finance and CFO. “Since the beginning of 2010, we have used a portion of our expanded cash position to repurchase about 16 million shares of stock, reducing PPG’s outstanding share count by nearly 10 percent, as we believe such repurchases are an excellent means to reward our shareholders.”