16 April 2009 16:37 [Source: ICIS news]TORONTO (ICIS news)--PPG Industries posted a first-quarter loss of $111m (€84m) compared with a gain of $100m a year earlier, reflecting lower demand from end-user markets, the US coatings and chemicals producer said on Thursday.
“The most significant drop-offs occurred in global automotive OEM and in many industrial markets,” he said.
“We quickly implemented broad actions, including business restructurings and general spending controls which were successful in offsetting some of the earnings impact from the lower demand levels,” Bunch said.
For the current second quarter, PPG expected “some seasonal demand growth” but business activity would remain low in comparison with recent years, he added.
($1 = €0.76)
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