PPG refuses to spin off its businesses

On May 21, PPG announced that it had completed an internal review regarding whether to spin off its existing business segments—architectural coatings and industrial coatings. However, the review concluded negatively: “Maintaining our current business portfolio—including both architectural and industrial coatings—is the optimal strategic path to maximize shareholder value.” What caused this global coatings giant to pause? Pressure from shareholders In April 2018, PPG received, via its internal reporting system, a complaint concerning how the company recorded certain expenses during its first fiscal quarter. The complaint alleged that PPG had failed to properly recognize certain specific expenses in Q1 2018, thereby violating its accounting policies and procedures. Following an initial assessment, PPG’s Board Audit Committee launched an investigation into the matters raised in the report, assisted by external legal counsel and forensic accountants. Based on preliminary findings, PPG identified approximately $1.4 million in expenses—including legal fees, property taxes, and performance-based compensation—that should have been accrued in Q1 2018 but were not. Moreover, the investigation uncovered additional financial reporting issues. At the time, PPG stated that the complaint suggested up to $5 million in other expenses might not have been properly recorded in Q1—but further time was needed to complete the investigation. Ultimately, these findings led PPG to delay the release of its Q1 2018 financial results and to declare its 2017 annual report void, requiring restatement. On June 28, 2018, PPG announced on its official website that the internal investigation had been completed and revised financial statements issued. According to related reports, PPG’s investigation revealed that the improper accounting entries were made by certain employees under the direction of the then-Vice President and Chief Financial Officer. On April 25, 2018, PPG placed that executive on administrative leave; his employment was terminated on May 10, 2018. Two employees who acted under his direction were reassigned to different positions within the company. This incident significantly impacted PPG, which is listed on the New York Stock Exchange. Reports indicated that PPG’s stock price plummeted—dropping 5.35% intraday on May 11, 2018, the day PPG disclosed the financial reporting error. But the episode did not end there. On January 18, 2019, when announcing its 2019 financial targets, PPG stated that, under pressure from shareholders, it would review its business portfolio to enhance shareholder value. Analysts noted that this “portfolio review” referred specifically to evaluating the potential spin-off of its two major coatings businesses—architectural and industrial coatings. Reports indicated that Nelson Peltz—the legendary activist investor—and his firm Trian Fund Management L.P. had, as early as 2018, urged PPG’s Board to remove Chairman and CEO Michael McGarry and consider splitting the company into two publicly traded entities. Trian Fund Management had previously acquired approximately $690 million worth of PPG stock, representing 2.9% of the company’s total outstanding shares.

Top 10 Global Paint & Coatings Companies’ 2019 Annual Reports

10) Asian Paints (India) Asian Paints (India) Wall paints, home painting, and waterproofing solutions in India — USD 2.624 billion 1) Sherwin-Williams Sherwin-Williams — Marine Protection Company Profile: Sherwin-Williams was founded in 1866 by Henry Sherwin and Edward Williams. Today, it is a global leader in the manufacture, development, and distribution of paint and coating products, serving professional, industrial, commercial, and retail customers worldwide. Its portfolio includes well-known brands such as Sherwin-Williams, Valspar, Dutch Boy, Krylon, Minwax, Cabot, and Thompson’s Water Seal. The company’s global headquarters is located in Cleveland, Ohio. Sherwin-Williams brand products are sold through over 5,100 company-owned stores and facilities, while its other brands are distributed through leading mass merchants, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. Cleveland, Ohio, USA Phone: 216-566-2000 Fax: 216-566-3310 Website: Sherwin-Williams Paints, Stains, Supplies and Coating Solutions Key 2019 Data: Coatings Sales: USD 17.95 billion Employees: 60,000 Geographic Sales Distribution: Europe 21%, Americas 33%, Asia-Pacific 43%, Other Regions 3% Board of Directors: John G. Morikis — Chairman and CEO David B. Sewell — President and CEO Allen Jack Meston — Senior Vice President, Finance and CFO Jane Caroline — Senior Vice President and Corporate Director Mary Gassou — Senior Vice President, General Counsel, and Secretary Summary: On July 17, 2019, Sherwin-Williams and two other companies reached an agreement—with court approval—to settle litigation brought by ten cities and counties in California. This lawsuit, initiated nearly two decades ago, challenged the companies’ lawful advertising of lead-based paint over a century earlier—when lead-based paint was considered the “gold standard” and specified for use by federal, state, and local governments. On September 12, 2019, Sherwin-Williams announced it had initiated a process to explore establishing a new R&D facility and a new global headquarters. As part of this initiative, the company is reviewing its facility requirements to best meet current and future needs—for its customers and employees. On October 28, 2019, Sherwin-Williams announced with deep sadness the passing of its former Chairman and CEO, John Bren (“Jack”), who died at age 85.

PPG Industries Senior VP & CFO Jamie A. Beggs Files Form 4 on October 15

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PPG Industries Senior Vice President and CFO Jamie A. Beggs submitted a Form 4 filing on October 15 regarding stock transactions. The disclosure details insider trading activities within the global coatings and materials manufacturer.

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PPG Industries Reports Form 4 Filing for Senior VP & CFO Jamie A. Beggs on October 15

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PPG Industries CFO Jamie A. Beggs Increases Holdings to 55.1406 Units via Grant

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PPG Industries Senior VP & CFO Jamie A. Beggs Files Form 4 on October 15

PPG Industries Senior VP & CFO Jamie A. Beggs Files Form 4 on October 15

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