20 October 2011 14:14 [Source: ICIS news]
HOUSTON (ICIS)--PPG Industries’ third-quarter net income rose 18.7% year on year to $311m (€227m), driven by price increases for its products, the US-based chemicals and coatings firm said on Thursday.
PPG’s sales for the three months ended 30 September rose 11.0% year on year to $3.8bn. PPG reported year-on-year sales increases in all of its main segments – coatings, commodity chemicals, glass, and optical and specialty materials.
CEO Charles Bunch said all PPG’s businesses increased prices this quarter to counter higher input costs.
However, PPG’s overall volumes were flat year on year, he said.
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Meanwhile, lower demand in Europe was offset by continued volume gains in emerging regions such as Asia-Pacific and
Going forward, PPG expects “normal seasonal fourth quarter patterns,” Bunch said.
Raw material inflation rates are flattening, and PPG is in the process of implementing additional price increases in several businesses to counter inflation it absorbed, he said.
“Finally, we are keeping a watchful eye on the global economy, and we are prepared to adapt to changing conditions,” Bunch added.
($1 = €0.73)
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