16 January 2009 17:42 [Source: ICIS news]
HOUSTON (ICIS news)--De-stocking will likely persist in the automobile industry, even though it has apparently ended for other customers of US producer PPG Industries, the CEO said on Friday.
A lot of PPG's automotive customers have yet to restart operations in a significant way, said Charles Bunch during a conference call with investors. "We are still going through de-stocking this month." he said, adding that he expected de-stocking to continue until February or March.
For customers in other segments, activity is increasing, although from the exceptionally low levels set in December, Bunch said.PPG had posted on Friday a 64.5% drop in fourth-quarter net income amid “dramatic” volume declines in several of its industrial end-use markets due to the rapid deterioration in the global economy. The company's industrial coatings and glass segments were most severely impacted and reported operating losses in the quarter, according to the CEO.
PPG produces coatings, glass and chlor-alkali.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|