Senior Vice President, Industrial Coatings and President...
43
1 Viktor Sekmakas Senior Vice President, Industrial Coatings and President, PPG Europe Ri k Z lk May 17, 2012 Rick Zoulek Vice President, Industrial Coatings, Americas Information current as of 5/17/2012 Statements contained herein relating to matters that are not historical facts are forward‐looking statements reflecting PPG’s current view with respect to future events and financial performance. These matters within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG’s operations, as discussed in PPG’s filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factors could cause actual results to differ materially from the forward‐looking statements contained herein. Such Forward‐Looking Statements factors include global economic conditions, increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials, the ability to maintain favorable supplier relationships and arrangements, the realization of anticipated cost savings from restructuring initiatives, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in international markets, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, and the unpredictability of existing and possible future litigation, including litigation that could result if the asbestos settlement discussed in PPG’s filings with the Securities and Exchange Commission does not become effective. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and in PPG’ s Form 10‐K for the year ended December 31 2011 are considered 2 factors presented here and in PPG s Form 10 K for the year ended December 31, 2011 are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward‐ looking statements. Consequences of material differences in results compared with those anticipated in the forward‐looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG’s consolidated financial condition, results of operations or liquidity. All information in this presentation speaks only as of May 17, 2012, and any distribution of this presentation after that date is not intended and will not be construed as updating or confirming such information. PPG undertakes no obligation to update any forward‐looking statement, except as otherwise required by applicable law.
Transcript of Senior Vice President, Industrial Coatings and President...
1
Viktor SekmakasSenior Vice President, Industrial Coatings and
President, PPG EuropeRi k Z l k
May 17, 2012
Rick ZoulekVice President, Industrial Coatings, Americas
Information current as of 5/17/2012
Statements contained herein relating to matters that are not historical facts are forward‐looking statementsreflecting PPG’s current view with respect to future events and financial performance. These matters withinthe meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG’s operations, asdiscussed in PPG’s filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factorscould cause actual results to differ materially from the forward‐looking statements contained herein. Such
Forward‐Looking Statements
factors include global economic conditions, increasing price and product competition by foreign and domesticcompetitors, fluctuations in cost and availability of raw materials, the ability to maintain favorable supplierrelationships and arrangements, the realization of anticipated cost savings from restructuring initiatives,difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic andpolitical conditions in international markets, the ability to penetrate existing, developing and emergingforeign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates,the impact of future legislation, the impact of environmental regulations, unexpected business disruptions,and the unpredictability of existing and possible future litigation, including litigation that could result if theasbestos settlement discussed in PPG’s filings with the Securities and Exchange Commission does not becomeeffective. However, it is not possible to predict or identify all such factors. Consequently, while the list offactors presented here and in PPG’s Form 10‐K for the year ended December 31 2011 are considered
2
factors presented here and in PPG s Form 10 K for the year ended December 31, 2011 are consideredrepresentative, no such list should be considered to be a complete statement of all potential risks anduncertainties. Unlisted factors may present significant additional obstacles to the realization of forward‐looking statements. Consequences of material differences in results compared with those anticipated in theforward‐looking statements could include, among other things, business disruption, operational problems,financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effecton PPG’s consolidated financial condition, results of operations or liquidity. All information in thispresentation speaks only as of May 17, 2012, and any distribution of this presentation after that date is notintended and will not be construed as updating or confirming such information. PPG undertakes no obligationto update any forward‐looking statement, except as otherwise required by applicable law.
2
Industry Profile
3
2011 (~95B)
Akzo
2002 (~65B)
Global Coatings Industry by Competitor
Akzo Nobel
PPG
Sherwin‐Williams
DuPont
Others
Akzo Nobel
PPG
ICI
Sherwin‐Williams
DuPont
Others
BASF
Valspar RPM
NipponKansaiJotun
Coating market growing and consolidating; PPG gaining share
BASF
Valspar RPMSigma‐
KalonNippon
4Source: Orr & Boss, SRI, & Company Annual Reports
3
Coatings Industry
Industry End‐Market Mix by Dollar Value of Sales (~$95B)
100% = $95 Billion
Companies(#)
Company Size (Sales)
Aerospace2%
Packaging3%
Competitive Landscape
10% Hundreds < $100MM
20% ~60 $0.1 B ‐ $1.0 B
45% 17 $1 ‐ $10 B
Protective & Marine
13%
Architectural 43%
Refinish 7%
Auto OEM 6%
25% 2 > $10 B
Industrial 26%
Few large global players Industrial 2nd largest segment5
Source: Coatings World, Company Annual Reports, Orr & Boss and SRI
Position by End Use Market
Global Position
Arch.~$42B
Industrial~$25B
Protective & Marine~$12B
Refinish/Collision~$6B
Auto OEM~$6B
Packaging~$3B
Aerospace~$1B
Position by Vertical
PPG #2
Akzo #1
SHW #3
DuPont #4
Valspar #5
BASF #6
■ #1 Position ■ #2 Position ■ #3 Position #4+ Position ■ No Participation
Source: PPG estimates
PPG only company with participation in all end‐use markets6
4
Industrial Coatings
77
• Diverse end‐use markets– Tied to multiple industries
• Broad technology spectrum
Industrial Coatings Overview
• Broad technology spectrum– Increased focus on sustainable coatings
• Factory‐line applied coatings– Customer specification driven
• Significant number of customersP i il di OEM– Primarily direct to OEM
• Consolidating industry with further opportunities (many players)
• Strong growth in emerging regions
8
5
2005‐2008
10% CAGR
Industrial Coatings Market Growth by RegionIndustrial Coatings Demand
2010‐2015
1% CAGR
6% CAGR
CAGR
4% CAGR
4% CAGR
5% CAGR
Americas EMEA Asia Pacific
Source: IRFAB
Solid global growth aided by emerging regions
2005 2008
9
2005 2008 2005 2008
Americas EMEA Asia Pacific2010 2015 2010 2015 2010 2015
Pre‐Crisis Post‐Crisis
Industrial Production Growth
140%
160%
Industrial Production
5% Global Growth‘11 to ‘12
160%
180%
China Industrial Production Outpaces GDP
80%
100%
120%
80%
100%
120%
140%
2008 2009 2010 2011 2012
North America Europe
Asia/Pacific Global
Source: IHS Global Insights
2008 2009 2010 2011 2012
China Industrial Production
China GDP
10
Growth in industrial production led by China
6
Industrial Coatings End‐Use Markets
Size by End‐Use Market Auto Parts
FunctionalAppliance Coil
Extrusion
Coil & Extrusion
Auto Parts
Heavy Duty Equipment
Wood
General Finishes
ConsumerElectronics
General Finishes
Broad and distinctive end‐use markets
Wood
~$25B
WoodProductsTransportationHeavy Duty
Equipment
Source: PPG Estimates11
By Technology
Industrial Coatings
Latin
By Region
~$25B
Liquid
PowderU.S. & Canada
EMEAAsia / Pacific
Latin America
• Solvent‐based• Water‐based
12
Asia largest region / Liquid largest technology
Source: IRFAB & PPG Estimates
Water based• High Solids• UV Cure
Includes Japan
7
Akzo
Industrial Coatings Competitive Landscape
2005 TodayTop 6 = ~35%Top 6 = ~28%
All values include Japan
AkzoPPG
Competitors 3‐6
Others2%
Akzo
PPG
Competitors 3‐6
Others65%
13
72%
Consolidating end‐use market led by PPG & other multi‐national paint competitors
Source: PPG Estimates
Competitors 3‐6:(Alpha Order)
BeckersDuPont
Sherwin‐WilliamsValspar
Industrial Coatings End‐Use Markets
Heavy Duty Equipment
General Finishes
Auto Parts
WoodProducts
Total Industrial
ConsumerElectronicsAppliance Extrusion Transport-
ationCoil
Est. Market Size $25B $1B $1B $3B $1B $1B $11B $1B $1B $5B
Top 3 Share % 35‐40 55‐60 50‐55 50‐55 40‐45 50‐55 30‐35 35‐40 45‐50 30‐35
Market Growth 5% 5% 5% 5% 7% 5% 5% 7% 4% 5%
PPG Position Top 3 Top 3 Top 3 Top 3 Top 3 Top 3 Top 3 Top 3 Top 3 Top 10
# of Customers hundreds thousands hundreds hundreds thousands thousands thousands
•Demand for Style
•Rebound of Automotive
•Construction Recovery /
•Standard of Living
•Construction Recovery /
•Global GDP Growth
•Population Growth
•Emerging Region
•Furniture Growth
tens of thousands
thousands
1414
Macro Drivers
PPG well positioned
y•Emerging Middle Class
•Emerging Region Growth
y /Growth
g•Changing Consumer Tastes
y /Growth •Construction
Recovery / Growth
•Standard of Living
• Infrastruct‐ure Growth
gGrowth
•Rise in Logistics Demand
•Emerging Consumers
Source: IRFAB, KNG, Orr & Boss and PPG Estimates
8
Industrial Coatings: Appliance
Appliance – Functional and decorative coatings supplied to the appliance industry.
Examples• Laundry• Refrigerators• Freezers• Dishwashers• Ovens & ranges• Exhaust hoods• Microwaves
• Countertop appliances• Vacuum cleaners• HVAC• Furnaces• Air conditioners• Radiators• Fireplaces
15
Industrial Coatings: Automotive Parts
Automotive Parts and Accessories – Functional and decorative coatings for Tier II and Tier III parts suppliers for automotive applications. Functional coatings protect from corrosion and wear. Decorative coatings provide color and gloss for visual appearance to match OEM body color.
Examples• Rigid and flexible
exterior trim systems• Steel and aluminum
wheels• Brake systems• Windshield wiper
assemblies
• Bumpers• Shocks• Axles• Coil springs• Under hood/body parts• Sway bars
16
9
Industrial Coatings: CoilCoil – Decorative and functional (corrosion protection) coatings applied to coiled sheet metal that is then fabricated into parts or products (also referred to as prepaint).
• Building and ConstructionExamples
• Metal roofing• Metal building panels• Rainware & gutters• Siding & trim
• Manufactured Goods• Garage & entry doors• HVAC• Lighting fixtures• Appliances
• Automotive/Transportation• Truck trailer• Automotive components
17
Industrial Coatings: Consumer Electronics
Consumer Electronics – Functional and decorative coatings for electronic devices.
• Mobile phonesExamples
p• Laptops• Computers and accessories• GPS systems• Tablets• e‐Readers
18
10
Industrial Coatings: Extrusion
Examples
Extrusion – Decorative and functional (weather resistance) coatings applied over extruded aluminum shapes used in residential and commercial construction and specialized applications.
• Building and Construction• Commercial windows• Curtain wall• Column covers• Residential windows
• Transportation• RV and bus windows• Windshield frames
• Specialty• Sports equipmentp q p• Solar panels
19
Industrial Coatings: General Finishes
General Finishes – Decorative and functional (hardness, corrosion resistance) coatings used in a wide variety of end uses not included in any of the other sub‐segments.
Examples• Golf balls• Fitness Equipment• Caskets• Bathroom fixtures• Tool boxes• Office furniture
• Transformers• Electrical switchgear• Screening• Pipes• Mirrors• Barbeque grills
20
11
Industrial Coatings: Heavy Duty EquipmentHeavy Duty Equipment – Decorative and functional coatings for agricultural, construction, mining and excavation equipment.
• Aerial lifts• Aggregate equipment• Agricultural equipment
• Drills• Excavators• Forestry equipment
Examples
g q p• Air Compressors• Backhoe loaders• Boring machines• Compact track loaders• Compaction equipment• Cranes• Crawler dozers• Crawler loaders
y q p• Material handlers• Motor graders• Scrapers• Skid steer loaders• Telehandlers / Forklifts• Wheel dozers• Wheel loaders
21
Industrial Coatings: TransportationTransportation – Functional and decorative coatings supplied to non‐automotive vehicle manufacturers.
E l• Commercial truck/cab
bodies• Commercial buses• School buses• Transit rail• Locomotives
• Motorcycles• Golf carts• Recreational vehicles• Bicycles• Trailers
Examples
22
12
Industrial Coatings: Wood
Wood – Functional and decorative factory‐applied coatings supplied to various wood product manufacturers.
• Wood and resilientflooring
• Window assemblies
Examples
Window assemblies• Doors and door frames• Flooring accessories• Architectural moldings• Kitchen cabinets• Furniture• Factory‐finished siding
23
Industrial Coatings Technology Options
Primary Technology Offerings:• Pretreatment ‐ cleaners & phosphate chemicals to condition metal before paint is appliedto condition metal before paint is applied
• Electrocoat – coating applied by electrically charged immersion
• Liquid – traditional primers and topcoats in a full array of chemistries
P d lid ti li d b l t t ti• Powder – solid coating applied by electro‐static spray
24
13
Technical Solutions
End‐Use Market Pretreat Electrocoat Liquid Powder
Automotive Parts &
Appliance
Automotive Parts & Accessories
Coil Coatings
Consumer Electronics
Extrusion Products
General Finishes
25
Finishes
Heavy Duty Equipment
Transportation
Wood
■ Primary ■ Secondary ■ No UseSource: PPG Illustration
Competitive Technology Profile
Supplier: North America Europe Asia Pacific South America
Basis: Notable market presence
26
Liquid Ecoat Powder Pretreatment
PPG is the only coatings supplier with a complete technology portfolio in each region
14
Customers’ Coatings Decision Factors
E‐Coat LiquidDesign
AppearanceInvestment Capital
Scrap Rate
Key Factors• Superior coverage,
adhesion, appearance and corrosion
Key Factors• All substrates
• Best color control
• Highest design flexibility
Industrial
Customers
CapitalOperating
Cost
Environmental Regulation
Labor vs. Automation
Precision Specification
Safety
Productivity / Efficiency
resistance
• High capital investment
• Metal substrates
Highest design flexibility
• Moderate capital investment
Key factors for customer success: process selection, coating technology & paint line operation
Pretreatment PowderCapacity & Thru‐put
27
Key Factors• Metal substrates
• Used in critical adhesion applications (prior to other 3 technologies)
Key Factors• Environmentally friendly
• Minimal capital investment
• Low cost finish
• Metal substrates
Example: Customer Required to Reduce VOC Emissions
E‐Coat LiquidDesign
AppearanceInvestment
Scrap Rate • Complies with
Solution: Customer converts from Low‐Solids, High‐VOC liquid to No‐VOC Powder
Industrial
Customers
Investment Capital
Operating Cost
Environmental Regulation
Labor vs. Precision
Safety
Productivity / Efficiency
Rate • Complies with new regulation
• Controls costs and maintains current output level
• Require minimal investment
• Product finish appears unchangedKe
y Decision Factors
Winning coatings supplier is able to help customer comply with new regulations
Pretreatment Powder
Automation Specification
Capacity & Thru‐put
28Source: PPG Illustration
15
Example: Customer Has Sales Opportunity, But No Capacity
E‐Coat LiquidDesign
AppearanceScrap
Solution: Reformulate liquid product to reduce cure rate which increases oven thru‐put without capital investments
Key Decision Factors
Industrial
Customers
AppearanceInvestment Capital
Operating Cost
Environmental Regulation
Labor vs
Safety
Productivity / Efficiency
Rate • Fast implementation to take advantage of opportunity
• No capital spending
• Increase productivity
• Significant thru‐put improvements
Factors
Winning coatings supplier knows customer lines and helps them gain new business with quick and effective solutions
PretreatmentPowder
Labor vs. Automation
Precision Specification
Capacity & Thru‐put
29
Source: PPG Illustration
E‐Coat LiquidDesign
Appearance InvestmentScrap
Example: Global OEM to Build Plant in Scarce H2O LocnSolution: Supplier develops pretreatment & E‐coat line (typically water intensive) to operate on minimal water availability
Industrial
Customers
Investment Capital
Operating Cost
Environmental Regulation
Safety
Productivity / Efficiency
Rate• Minimal water consumption
• Investment must meet return requirements
• Operating costs must be similar to other Ecoatlines
• Product ifi tiKe
y Decision Factors
Pretreatment Powder
Labor vs. Automation Precision
SpecificationCapacity & Thru‐put
30
specifications must be achieved
K
Source: PPG Illustration
Winning coatings supplier provides creative solution that enables customers strategy
16
Application Solution: Electrocoating (E‐Coat)
Electrocoating Process:
Step 1: Parts are cleaned and pretreated
d d
Typical Electrocoat ProcessStep 1
Step 2
Step 3 Step 4
Step 2: Parts are dipped into a paint bath where direct current (electricity) through the part acts like a magnet between the metal and paint
S 3 P d f
Parts entering paint bath
Source: Electrocoat Association
Step 3: Parts are removed from the bath and rinsed
Step 4: Parts are baked in an oven to cure
31
E‐Coat: Investment Considerations
E‐Coat Costs & Benefits:
• Significant capital investment required by customer ($2MM $4MM)($2MM‐$4MM)
• Extremely efficient painting method
• Coating transferefficiency is high Full Scale Electrocoat Line
• Complete coatingcoverage of complex parts
• Density of parts on conveyor can be maximized
32
17
Electrocoat Dip
Electrocoat Application Comparison
Capital Investment High
Operating Cost per Part (ex: utilities, labor, maintenance)
Low
Performance Specification High performance
Capacity / Thru‐put High
Occurrence FrequencySole application method for
lOccurrence Frequency
electrocoat
End‐Use MarketAppliance, Auto Parts, General Finishes, Heavy Duty Equipment,
Transportation
Examples
Mass produced parts includingautomobile suspension
components, wheels, appliance bodies
33
Application Solution: Liquid CoatingsRoll Coating Robotic Spray Manual Spray Dip
Paint is applied via a roller
Paint is applied via robotic spray guns
Paint is applied via manual spray guns
Paint is applied via submersion in paint
*Primary liquid applications, not all application methods have been included 34
18
Roll Coating Robotic Spray Manual Spray Dip
Capital Investment High High Low High
Liquid Coatings Application Comparison
Operating Cost per Part (ex: utilities, labor, maintenance)
Low Low High Medium
Object ShapeMust be flatsubstrate
Non‐intricate shapesand must fit on
pulleyNon‐intricate shapes
Any size shape; must fit on pulleys & tank must be big enough
Finish SpecificationFull coverage,
smooth
Consistent film thickness, textures may prevent full
coverage
Subject to variation in film thickness, textures may
prevent full coverage
Subject to variation in film thickness, any
textureg p g
Capacity / Thru‐put Highest High Low Medium
OccurrenceFrequency
Common to all in Coil market
Common with larger operations
Common with smaller operations
Rare
End‐Use Market Coil & ApplianceAll end‐uses except
CoilAll end‐uses except
CoilAuto Parts, General
Finishes
Examples Metal roofingMobile phones, car
partsParts coated in job
shopsAutomotive springs& engine mounts
35*Primary liquid applications, not all application methods have been included
Application Solution: Powder Coatings
Fluidized BedElectrostatic Spray
Process that charges the particle of powder and then attracts it to the grounded part
before being oven cured.
Preheated parts are dipped into a bed of fluidized powder. Upon contact with the heated parts, the powder melts and adheres to the parts. The parts are then passed through a second oven for curing.
Source: Coatings Method, Inc36
19
Electrostatic Spray Fluidized Bed
Capital Investment Medium High
Powder Coatings Application Comparison
Capital Investment Medium High
Operating Cost per Part (ex: utilities, labor, maintenance)
Medium High
Object ShapeNon‐intricate shapes and must fit on
conveyorIntricate shapes; must fit on
pulleys & tank must be big enough
Finish Specification Textures may prevent full coverageSubject to variation in film thickness, any texture
Capacity / Thru‐put High Medium
Occurrence Frequency Most common method Rare
End‐Use Market(excludes Coil and Wood)
Appliance, Auto Parts, Consumer Electronics, Extrusion, General Finishes, Heavy Duty Equipment,
Transportation
Auto Parts, Consumer Electronics, General Finishes, Heavy Duty
Equipment
Examples Aluminum wheels, window screening Dishwasher racks and metal pipes
37*Primary powder applications, not all application methods have been included
Application Solution: PretreatmentDipSpray
Pretreatment is applied via automated spray system
Pretreatment is applied via submersion into the system
38
20
Spray Dip
Pretreatment Application Comparison
Capital Investment Low High
Operating Cost per Part (ex: utilities, labor, maintenance)
Low High
Performance Specification Low performance High performance
Capacity / Thru‐put High Medium
Occurrence Frequency Most common method Less common
End‐Use MarketExtrusion, General Finishes, Heavy Duty Equipment, Transportation
Appliance, Auto Parts, General Finishes, Transportation
ExamplesRelatively smooth and clean metallic
surfacesRusted, dirty, oily or rough metallic
surfaces
39*Primary pretreatment applications, not all application methods have been included
Industrial Coatings Challenge
4
Global Regions
9
End‐Use Markets
(multiple sub‐segments)
4 Technologies10+
Application Methods
Industrial Coatings: Complexity
= Opportunity
40
PPG advantaged by global scale, product offering breadth and customer service capabilities
21
PPG Position
4141
PPG Industrial Coatings Segment
• Automotive OEM Coatings• Industrial Coatings• Packaging Coatings
Total PPG Industrial Segment Geographic Sales Mix
Latin America, 9%
PPG Industrial Coatings Business Units
Aftermarket, ~80%
OEM / New, ~20%
U.S. & Canada, 28%
Europe,
Asia/Pacific, 27%Auto OEM Coatings
Europe, 30%
Emerging Regions >40%
Eastern Europe, 6%
Industrial Coatings
Packaging Coatings
Global businesses serving multi‐national customers with specified products42Source: PPG Financial Reports
22
10%
12%
4 0
5.0
12%
16%
1.0
1.2
PPG Industrial Coatings Segment
Q1 ResultsAnnual Results
2%
4%
6%
8%
1.0
2.0
3.0
4.0
EBIT M
argin
Sales ($B)
0%
4%
8%
12%
0.2
0.4
0.6
0.8
EBIT M
argin
Sales ($B)
0%
2%
0.0 2007 2008 2009 2010 2011
Sales EBIT Margin
‐4%0.0
0.2
2007 2008 2009 2010 2011 2012
Strong sales and earnings growthSource: PPG Financial Reports 43
History of PPG Industrial Coatings Business
ess Expansion
European footprint acquisitions (Italy, Spain & UK)
Chemfil acquisition (US - pretreatment entrance)
Akzo JV (South America)
Man-Gill acquisition (US pretreatment)China JV (manufacturing start-up in China)
APPG JV (India)
Ameron acquisition (Global)
mercialization
Busine
( )Dongju acquisition (Korea)
SigmaKalon acquisition (Global)
BASF Coil acquisition (NA)
1970 1980 1990 2000 2010
Powercron 600CX (Ecoat)
Framecoat II (Ecoat)Electrocolor/Electroclear (Ecoat)
XMR (Powder)
Framecoat I (Ecoat)Powercron 8000, 8th Gen (Ecoat)
4444
Techno
logy Com
m Powercron, 7th Gen (Ecoat)
Enviroprime, 6th Gen lead-free (Ecoat)
Powercron, 5th Gen (Ecoat)
Powercron, 4th Gen (Ecoat)
Uniprime (Ecoat)
1st commercially coated Automotive Parts with cathodic (Ecoat)
Duranar fluoropolymer developed (Liquid)
1st tank filled with anodic (Ecoat)
Continuous strategic investment and innovation
23
PPG Industrial Coatings Business
Saultain, France
Oak Creek WIFelizzano, Italy
Springdale, PA
Veenendaal, Netherlands
Cieszyn, Poland
Bochum, Germany
Burgdorf, SwitzerlandEuclid, OH
Winnipeg, MB
PPG Manufacturing Locations
San Juan del Rio,Mexico
Tianjin, China
Oak Creek, WI
Mt. Vernon, IL
Greensboro, NC Suzhou, China
Zhangjiagang, China
Busan, KoreaCheonan, Korea
Auckland, New Zealand
Bangplee, Thailand
45
Sumare, Brazil
Petaling Jaya,Malaysia
Chennai, India
Clayton, Australia
Zealand
Strong manufacturing presence in every major global region
PPG Industrial Coatings Business Unit Sales
2001 2011
Sales CAGR
PPG Global 7%
USCA
EMEA
APLA
USCA
AP
LA
46
EMEA
Enhanced global position; Asia now largest region
Source: PPG Financial Reports
24
1,000
1,200Asia Pacific HeadcountYears 2008‐2011
PPG Industrial Coatings Business Headcount
‐38%
200
400
600
800‐14%‐4%
+31%
47
0
2003
2004
2005
2006
2007
2008
2009
2010
2011USCA EMEA AP LATAM
2008 2009 2010 2011
Ongoing management of headcount in all regions
47
Increased presence
+170% over 8 Years
Source: PPG Headcount ReportsStrong PPG cost focus remains
PPG Industrial Coatings Business Customer Mix
End‐Use MarketApprox. % of Sales of Top 20 Customers
Approx. Total # ofCustomers
Customer Orientation
(Multi‐Nationals or Regionals)
90% 250 Multi‐NationalsAppliance
35% 900 50/50
75% 150 Regionals
90% 100 Multi‐Nationals
45% 450 Regionals
% i l
Automotive Parts & Accessories
Coil Coatings
Consumer Electronics
Extrusion Products
General
4848
20% 3,700 Regionals
70% 750 50/50
60% 350 Regionals
45% 1,200 Regionals
General Finishes
Heavy Duty Equipment
Transportation
Wood
25
Market Value Drivers
Design Product D l t Technology Startup Operating
Effi i
Coatings supplier collaboration from concept to consumer
Design Development Technology Startup Efficiency
• Color design centers
• Color styling
• Artistic facilitators
• Speed to market
• Customer
• Coatings research
• Analytical testing capabilities
• Certified parts testing
• Formula optimization
• Pretreatment
• E‐coat
• Liquid
• Powder
• Specialty products
• Global ISO certification
• EH&S
• Secure Launch®
• Risk minimization
• Rapid ramp up to capacity
• Operator training
• Global supply
• Paint process design
• Inventory management
• Coating line troubleshooting
• Cost reduction projects
49
specification development
• End‐user, Voice of Customer research
optimization
• Product customization
• OEM product approvals
• EH&S compliance
• Resin design & production capability
chain
• Environmental permitting assistance
• Finish operations consultations
• Statistical analysis
Broad product and service offering delivered through established global organization
Industrial Coatings Customers
50*Sampling of Industrial Coatings customers
26
Industrial Coatings Asia/Pacific Customers
51*Sampling of Industrial Coatings customers
• Strong market position– All geographies
PPG Competitive Advantage
– All technologies
– Customer mix
• History of sustained investment in capabilities and technology leadership
• Global customer support
52
27
PPG Service Culture• Developing, deploying and demonstrating service culture over a very long
period of time
• Consistently winning the service battle
• Recognition of commitment in the marketplace
Product Development
TechnicalService
Customer Relationship
Product Research
Exam
ples of V
alue
Service
Areas
• Innovative solutions to meet customer needs
• Resin synthesis capabilities
• Dedicated Coatings Research Center
• Next generation
• Product formulated to paint line conditions
• Products with new colors or textures
• Customer & end‐use market‐focused labs in each region
• Global and regional account coordination
• Sponsorship of customer interests
• Partnership focus on end‐user market
• Solving coating line issues
• Driving customer cost improvement and savings
• Ensuring coatings lines are running optimally
PPG Service Culture
53Cultural demonstration of commitment to key customer requirement
Leadership
Program Evolution
Service
Foun
dation
sKe
y technology program • Emergency response capability
Training (i.e., “Knowledge College”, in‐plant)
80%
90%
100%
st
Customer Applied Paint Cost Model
All Operating Costs to Run a Paint Line:
• Non‐paint operating expenses 80%‐85% of t t l li d t
Total Customer Applied Cost of Coatings
20%
30%
40%
50%
60%
70%
% of Total App
lied Co
s
Application Cost
C ti
to Run a Paint Line:• Labor• Supervision• Operating
Supplies• Utilities• Depreciation• Rework
total applied cost
• Choice of technology, supplier and management of application process are all factors
• Overall productivity improvement
0%
10%
Customer Coating
Operation
54
Coatings Cost
Cost of Procured Paint & Pretreatment
improvement opportunity is significant
Deliver value by understanding application process and improving itSource: PPG Illustration
28
PPG Customer Support / Technical Service• Experts of customers’
application lines
• Knowledge of coatings technologies/properties
• Knowledge of manual &
PPG Tech Service Rep in Barranquilla, Colombiaspot color verifying painted, fabricated, and staged for assembly extrusions for curtain wall• Knowledge of manual &
automated application techniques
• Skilled at troubleshooting
• Trained to identify operational cost savings opportunities
PPG Tech Service Rep inspecting finished product for surface
defects
55
PPG Tech Service Reps ensuring
customer is applying coatings at specified
film thickness
Strong relationship / impact on customer production process
PPG Opportunities
5656
29
• Emerging Regions
• Market Consolidation Opportunities
Industrial Coatings Evolution
• Legislation & Environmental
• Examples Discussed Today:– General Finishes
– Heavy Duty Equipment
57
– Consumer Electronics
Evolution providing growth and opportunities
Macro‐Trends Point to Growth Opportunities
600
800
1,000
1,200
1,400MM
19%
(1)%
‘11-’16 CAGR
Consumer Electronics: Segmented/AccelerationAuto Parts: Growth in Emerging Regions
0
200
400
2009 2010 2011 2012 2013 2014 2015 2016
Laptop Desktop Media TabletFeatured Phone Smartphone
12%24%2%
Heavy Duty Equip.: Global Infrastructure Spend Heavy Duty Equip.: Global Food Processing Spend
Source: World Bank
$
$1,200
$1,400$B
$100
$120$B
2002‐2012 CAGR = 5%2012‐2017 CAGR = 4%
2002‐2012 CAGR = 9%2012‐2017 CAGR = 9%
58
$0
$200
$400
$600
$800
$1,000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
USCA EMEA AP LA
$0
$20
$40
$60
$80
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
USCA EMEA AP LA
PPG global footprint provides growth advantage
30
Industrial Coatings Business Unit
Eastern Europe
Latin America
Asia Pacific
59
2007 2008 2009 2010 2011
PPG emerging region sales CAGR = 12%
Top 30 Growth Countries
15%
Poland5%
3%
Russia, Belarus, Ukraine
6%
15%
Korea
2%
16%
Mexico
4%
Colombia 8%
1%
North Africa
4%
Middle East
Czech/Slov
Ukraine
China
Korea
8%
Vietnam1%
Turkey
6%
India
60
Brazil16%
Argentina
Indonesia
MarketPPG Participation
Blue area represents opportunity in growth countriesSource: PPG Estimates
31
Akzo
Industrial Coatings Competitive Landscape
Today
RegionApprox. % of Salesof Top 10 Global
PPG
Competitors 3‐6
Others65%
Region of Top 10 Global Competitors
US & Canada 75%
EMEA 60%
Asia Pacific 30%
Latin America 30%
61
Top 6 = ~35%
Emerging markets are relatively unconsolidated
Source: PPG Estimates
PPG Industrial Coatings Fixed Assets in Asia
140 Resin
capabilities established in China
Resin expansion in Korea
Asia Fixed Assets ($MM)
40
60
80
100
120 Liquid production expansion in China
in Korea
Liquid expansion in China
Acquisition of 2 liquid plants in Korea
Powder capabilities established in China
62
‐
20
2003 2004 2005 2006 2007 2008 2009 2010 2011
Full manufacturing footprint now established in Asia
32
Further Consolidation Potential
Thousands
# of Significant Coatings Suppliers
Consolidation Drivers of Smaller Competitors:Mature Regions 1980
Emerging Regions 1980
• Technology evolution
• Legislation / Environmental
• Liquidity / Financial stability
• Raw material volatility
• Globalization of customers
p
Emerging Regions 2010
g
63
Tens
Consolidation in emerging regions to follow
Mature Regions 2010
Source: PPG illustration
Greening of the Global Coatings Industry
Sustainability is profitability
Very low VOC, BPA‐free and metal‐free
Bio‐based raw materials
Compact Processes
Waterborne & PowderElectrocoat
Solvent‐Based High
Solids
Baked Enamels
1950‐1960’s 1970’s 1980’s 1990’s Next Gen Paints2000’s
Market Driver
Benefit
Product lifespan
Durability & c re
VOC standards
Lower cost
Rust
Corrosion resistance
VOC standards
Appearance
Cost
Operating sa in s
Regulatory standards
Environment li
64
PPG research and development providing green solutions in all technologies
Source: PPG Illustration
Benefit & cure cost resistance pp savings compliance
33
Increasing Global Chemical Exposure Regulations
North America: TSCA
# of EH&S Regulations
Increasing difficult for small/local
Opportunity for paint suppliers
Increasing Regulations Will Continue to Drive Coatings Supplier Consolidation
Europe: REACHAsia: IECSC, KECI,
PICCS
Increasing (ex: MSDS, product
stewardship)
small/local paint suppliers
to meet requirements
suppliers able to achieve
compliance
Chemical Control Regulations Affect:• Coatings product formulation• Handling and storage of chemicals• Transport of chemicals
65
PPG has necessary resources and infrastructure required for global compliance
• Transport of chemicals• Customer usage of products containing chemicals• Export and import of raw materials & finished goods related to chemicals• Documentation related to handling and content• Criminal penalties, business restrictions and fines for non‐compliance
Partial list
Industrial Coatings: General Finishes
New Products with Coatings Requirements
&
New Feature End‐Uses
General Finishes
Caskets Toolboxes Mirror
Wire
LIC
Bath FiElectrical
PPG Strategy• “Feature” end‐use markets qualify with growth potential or
critical mass
&Emerging End‐Use Markets Military Pipe
FabricOffice
Furniture
Fixtures
SolarRecreation
Electrical
6666
critical mass• “Feature” end‐use markets receive strategic focus• General Finishes is an incubator for “next end‐use” breakout• Diminishing end‐uses return to General Finishes
– ex: Metal Office Furniture
Strategic management of end‐use markets
34
General Finishes: Light Industrial Coatings
Three Types of Customers• OEM – Small to medium in size
• Custom Coater/Metal Fabricator ‐Typically supports large OEM outsource
What They Buy• Liquid air dry or powder coatings & pretreatment
• Hand spray or limited automation systems
Industry Overview (~$3B)
Customer Requirements
Typically supports large OEM outsource
• Job Shops ‐ Local “one‐off” and small batch work
systems• Purchase ~$1K ‐ $500K annually
Specifications
• Consistent Quality• Technology Breadth• Environmental
Technical Support
•OEM ApprovalsProducts
67
Customer Expectations
PriceValue
Performance
ResponsivenessRelational Selling
• Environmental Compliance
• Local Presence• Technical Expertise• Price
• Fast Delivery• Fast Color Match
• Limited Problem Solving & Line Support
PPG brings value to customers
PPG in Light Industrial Coatings
Customer Requirements Why LIC Customers Buy From PPG
Specifications • Relationships with large OEMs
Technical Service• Trained sales staff who can help with line and
Technical Serviceapplication improvements
Responsiveness• Quick color match, quick ship, quick response to questions
Products
• Excellent batch‐to‐batch consistency (color, viscosity, solids, etc)
• Excellent product application characteristics (good hiding, dries fast, good coverage)
• Single source supplier (only supplier with all
68
Single source supplier (only supplier with alltechnologies)
Relational Selling• Trusted sales individual • Global presence (infrastructure)• Respected PPG reputation in industry
35
Heavy Duty Equipment
Accelerating Demand Emerging Region Growth
2009 2011 2015
Projected Market Demand Trend
6 0%
8.0%
Regions with Highest Construction Growth in 2012
Industry Overview
Worldwide Market = $1B
• Tied to agricultural & construction markets
• Also includes lawn & garden material handling
4% CAGR 5% CAGR
Source: IRFAB
7.3%5.9%
5.3%3.9%
0.0%
2.0%
4.0%
6.0%
Asia Pacific Latin America Middle East & Africa
Eastern Europe
2012 Highlights:• Expansion of Panama canal
• Reconstruction from earthquake damage in
69Key drivers: Global infrastructure and improved standard of living
• Also includes lawn & garden, material handling, mining and forestry equipment
• Service intensive industry• Coatings product requirements migrating to extended durability, appearance & weather resistance
• OEM operations with significant Tier I & II outsource components
Source: IHS Global Insight
• Reconstruction from earthquake damage in Japan & New Zealand
• China interior & western region development
• Increased investment in infrastructure & housing in Saudi Arabia
• World Cup and Olympics preparation in Brazil
Global Infrastructure Expanding
• Asia will require +$8 trillion USD in infrastructure upgrades over next 10 years (Source: IHS Global Insight & World Economic Forum)
• 68% new capacity; 32% maintenance & replacement
• In India, 11km of roads used to be constructed each
Emerging Region Economies
Asia
year, now 10km are built daily
• Brazil intends to invest ~$99B on maintenance on and new construction of roads.
• Only ~5‐10% of Brazil’s roads are paved (Source: Trading Economics)
• CNH investing ~$320MM for new construction equipment plant in Brazil
• CNH doubling investment commitment at Argentina plant (Agriculture)
OEM Capacity ActivityLatin America
70PPG well positioned to participate in global growth
Source: CNH & Deere Q1 Results report
CNH doubling investment commitment at Argentina plant (Agriculture)
• Deere making “substantial investment in new products and additional capacity . . . [to] more fully capitalize on world’s growing need for food, shelter and infrastructure . . .”
• Deere expanding production capacity at Orenburg, Russia facility (~$32MM)
36
Heavy Duty Equipment Value Drivers
Design Product D l t Technology Startup Operating
Effi i
Coatings supplier collaboration from concept to consumer
Design Development Technology Startup Efficiency
• Color design centers
• Color styling
• Artistic facilitators
• Speed to market
• Customer
• Coatings research
• Analytical testing capabilities
• Certified parts testing
• Formula optimization
• Pretreatment
• E‐coat
• Liquid
• Powder
• Specialty products
• Global ISO certification
• EH&S
• Secure Launch®
• Risk minimization
• Rapid ramp up to capacity
• Operator training
• Global supply
• Paint process design
• Inventory management
• Coating line troubleshooting
• Cost reduction projects
71
specification development
• End‐user, Voice of Customer research
optimization
• Product customization
• OEM product approvals
• EH&S compliance
• Resin design & production capability
chain
• Environmental permitting assistance
• Finish operations consultations
• Statistical analysis
PPG delivers consistent products, service and reliability across all regions
Approx
US &Canada
EMEAAsiaPacific
LatinAmerica
139 46 27 30
11 18 4 5
PPG Service & DevelopmentProduct ApprovalsApprox. # of Customer Mfg Facilities
• All coatings used by OEMs or Tier I or Tier II outsource suppliers must meet global product specifications
– Durability, weatherability, appearance
34 19 11 13
5 5 10 0
PPG Partnership brings:
• Consistent product quality
• Reliabilit
Service Intensive Industry
PPG positioned to service global customers
• PPG has regional technical labs developing coatings to meet these specifications
Outsource Coater Support• HDE has a high # of outsourcers who coat parts for OEM facilities
– Larger regional OEMs, outsourcer network =
72
• Reliability – Products & service
– Established organization
• Ease of start‐ups
100s of suppliers
– Larger global OEMs, outsourcer network = 1,000s of suppliers
• Assembled units require uniform finish
SingleOEM
100sOutsourcers
100sApplication Lines
PPG – Supplier supporting all customers, lines and applications from
design through execution
Source: Company websites
37
PPG Secure Launch® Excellence
h h h Phase IV:
• Strictly regimented methodology to reduce risk of process change on a customer coating line
• Invoked for new coatings product introductions and new line start‐ups
Secure Launch®
Phase I:
Documenting Customer
Requirements
Phase II:
Product Development and Application
Validation
Phase III:
Production Trial Planning and Execution
Phase IV:
Product Commercialization and Production
Review
Customer Benefits
• What is the equipment?
• What is the coating supposed to do?
• What is the timeline?
• Development of coating
• Optimization of key performance requirements
• Preliminary performance verification
• Planning for start‐up• Semi‐works production trial• Adjustments to product formulation
• Confirmation performance verification
• Full scale production start‐up
• Implement continuous improvement protocols
73
• First‐run capability – smooth transition without interruption to productivity
• Faster to market – prevents delay and cost associated with product adjustment iterations in production environment
• Global collaboration – no surprises / established expectations achieved
Execution ‐ Doing It Right. Doing It Faster.
Consumer Electronics
Competitive Landscape Global Supply Chain
PPG
Worldwide Market ~ $1B 7% CAGR
$1B
Original Equipment Manufacturers (OEMs) – designs specifies and
PPG Interaction CE Device Value Chain Location
Responsible for global coordination of accounts; ensure Global
0% 20% 40% 60% 80% 100%
Industry Overview
• Key stakeholders in multiple regions
• Truly global industry
Original Design Manufacturers (ODMs) – coordinates outsourcing activities and assembles
final deviceParticipants: (5‐7)
designs, specifies and markets products
Participants: (20‐30)
Facilitate and coordinate supply chain by managing ODM relationships
PPG coatings are specified on OEM
products
Taiwan
Global
New growth end‐use for last 10 years
74Complex supply chain requires global coordination
Truly global industry
• High importance on design and aesthetics
• Fast paced industry with frequent new product/version introductions
• Coatings programs/jobs typically last 8 months
• Substrates can change from one job to the next increasing complexity
Participants: (5 7)
Applicators – apply coatings to products
Participants: (hundreds)
Develop coatings to ensure quality and
performance requirements for applicator line conditions
~95% in China
38
Consumer Electronics Value Drivers
Design Product D l t Technology Startup Operating
Effi i
Coatings supplier collaboration from concept to consumer
Design Development Technology Startup Efficiency
• Color design centers
• Color styling
• Artistic facilitators
• Speed to market
• Customer
• Coatings research
• Analytical testing capabilities
• Certified parts testing
• Formula optimization
• Pretreatment
• E‐coat
• Liquid
• Powder
• Specialty products
• Global ISO certification
• EH&S
• Secure Launch®
• Risk minimization
• Rapid ramp up to capacity
• Operator training
• Global supply
• Paint process design
• Inventory management
• Coating line troubleshooting
• Cost reduction projects
75
specification development
• End‐user, Voice of Customer research
optimization
• Product customization
• OEM product approvals
• EH&S compliance
• Resin design & production capability
chain
• Environmental permitting assistance
• Finish operations consultations
• Statistical analysis
PPG delivers creative product solutions, speed to market & global coordination
PPG Industrial Design Center Network
Oak Creek, WIWeingarten, Germany
Suzhou ,China
Taipei, Taiwan
O k J
Los Angeles, CA
76
Osaka, Japan
Seoul, KoreaLondon, England
Global capabilities differentiates PPG
39
PPG Color Design Process
• Global team with multiple interactive design centers
• Customer design partnershipsD i i i / i• Design innovation/creation
• Multi‐market knowledge• Multi‐input fashion‐color forecasting• Product solutions for “fast to market”
77Design, product quality & speed key factors
PPG Color Workshop
A High Impact Customer Experience
78
• Popular with customer designers• Interactive color palette
development in a facilitated environment
• Ability to create and demonstrate color and coating finish effects
40
Summary
• Industrial is the coating industry’s 2nd largest segment at ~$25B in sales
– PPG is the 2nd largest supplier in this market• Multiple industrial end‐uses present complexity which provide opportunities for growth
– PPG has strong positions in all end‐uses• Multiple end‐use markets, technologies and application methods require customer and supplier expertise
– PPG’s service capabilities provide high value coatings and
79
p p g gapplication expertise to customers
• Emerging regions are a significant growth opportunity–PPG has a strong position in Asia and also is the only global single source coatings supplier
–PPG is positioned to leverage emerging region supplier consolidation
Relationship with Harley
Harley Value PPG Support
Color StylingCustom color palette developments for all annual model introductions and maintenance of classic color palettes
Total Source Supply Purge solvents, pretreatment, Ecoat, liquids and powders
ServiceStrong operations support, product development, technical support, process optimization and onsite problem solving
1989 2012
80
Original Harley Assembly Plant
PPG supplies Liquid primer/basecoat & Liquid clear
2012
All 3 Harley Assembly Locations & Outsourcers (95% of total
coatings buy)
PPG supplies all coatings technologies
23 Years
41
PPG Paint on Harley‐Davidson Bikes
Rear Fender
Front Fender
8181
Engine Gas TankFrame Oil Tank & Cover
Saddle Bag
Harley‐Davidson and PPG
The partnership continues . . .
82The Great Color Caper at the Harley‐Davidson Museum sponsored by PPG
PPG and Harley‐Davidson teaming for educational outreach
42
Appendix
8383
PPG Executive Profiles
David B Navikas Viktoras R Sekmakas
David B. Navikas is senior vice president, finance and chief financial officer of PPG Industries.
He joined PPG as controller in 1995 and was elected vice president in 2000. Navikas assumed his current position in June 2011 and serves on PPG’s executive and operating committees.
Prior to joining PPG, Navikas developed his career through 22 years ith ti fi D l itt & T h LLP H l d li t
David B. Navikas Senior Vice President, Finance and Chief Financial Officer
Viktor Sekmakas is senior vice president, industrial coatings, and president, PPG Europe, of PPG Industries.
Sekmakas joined PPG in 1997 with the acquisition of Lilly Industries’ electrocoat business and became market development manager, powder coatings. He became global director, automotive parts and accessories, in 2000, and then general manager, industrial coatings, Asia/Pacific, in 2001. In 2005, Sekmakas added responsibility as managing director, coatings, Asia/Pacific, to his industrial coatings responsibilities.
He was named vice president, coatings, and managing director, Asia/Pacific, i 2006 I 2008 S k k d id PPG A i /P ifi d i
Viktoras R. Sekmakas Senior Vice President, Industrial Coatings, and President, PPG Europe
8484
with accounting firm Deloitte & Touche LLP. He was lead client service partner for a number of major companies and educational institutions, audit partner and formerly partner in charge of the PPG account, and professional practice director of the Pittsburgh office.
Navikas received an undergraduate industrial management degree from Purdue University and a master's degree in accounting from Syracuse University. He is a native of Lancaster, Pa., and a member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants. Navikas also serves as a director on the board of Family House in Pittsburgh.
in 2006. In 2008, Sekmakas was named president, PPG Asia/Pacific, and in early 2010 he additionally assumed responsibility for PPG’s global industrial coatings business. Upon assuming the role of senior vice president in August 2010, Sekmakas added responsibility for PPG’s global packaging coatings business and became a member of the company’s Operating Committee. In September 2011, Sekmakas moved from PPG’s Asia/Pacific headquarters in Hong Kong to its European headquarters in Rolle, Switzerland, to assume his current role.
Prior to joining PPG, Sekmakas worked for Valspar as new business manager starting in 1990, and for Lilly Industries as electrocoatmarket manager starting in 1995.
Sekmakas earned a BS in chemical engineering from the University of Illinois.
43
PPG Executive Profiles
Richard J. Zoulek is Vice President, Industrial Coatings, Americas of PPG Industries.
After joining PPG in 1989 as an Account Representative with the Adhesives and Sealants business group, Rick rapidly moved through a number of progressively responsible sales, technical development and marketing positions with the Automotive Coatings strategic business unit.
In 1996, he joined Industrial Coatings in the leadership role of Product Manager for Automotive Parts & Accessories. Afterwards, Rick assumed
Richard J. Zoulek Vice President, Industrial Coatings, Americas
Vince Morales is vice president, investor relations, of PPG Industries.
He joined PPG in the corporate controller’s office, Pittsburgh headquarters, in 1985. Progressive finance and accounting assignments with PPG facilities included supervisor, shared accounting services, in Chillicothe, Ohio, and director, information and financial services, in Mt. Zion, Ill.
Morales returned to Pittsburgh in 2000 as manager, chemical revenue recognition, then became director, internal financial reporting, in 2001. He
d di i l i i N b 2004 d hi
Vince J. MoralesVice President, Investor Relations
8585
responsibility for the Transit & Light Rail coatings segment as Market Manager in 2000 and two years later was promoted to the position of Regional Sales Manager for the General Industrial North Region. He was assigned the role of Director, Transportation Coatings in 2004 and assumed global responsibility as General Manager, Consumer Electronics in 2008.
Rick was appointed to the position of General Manager, Industrial Coatings for the United States and Canada in September of 2010. Then, in 2012, he was promoted to his current role of Vice President, Industrial Coatings, Americas.
A native of Michigan, Rick earned his BS in Information Science from the University of Michigan and his MBA from Wayne State University.
was named director, investor relations, in November 2004 and to his current position in October 2007.
A native of Pittsburgh, Morales earned a bachelor’s degree in accounting from Robert Morris University and a Master of Business Administration degree from the Ohio State University.
