PPG Industries, Inc. reported a net sales figure of approximately $15.8 billion for the fiscal year ending December 31, 2024, reflecting a 2% decrease from the previous year. This decline was attributed to lower sales volumes and unfavorable foreign currency translation, despite record sales in the aerospace coatings segment. The company's income before income taxes increased to $1.85 billion, up $162 million from 2023, primarily due to lower raw material costs and restructuring savings, which offset the impact of lower sales volumes and overhead inflation.
In a significant strategic move, PPG completed the divestiture of its architectural coatings business in the U.S. and Canada in December 2024, receiving $516 million in proceeds and recording a loss of $285 million on the sale. This transaction has been classified as discontinued operations, impacting the company's financial results for all periods presented. The divestiture is part of PPG's strategy to streamline operations and focus on higher-margin segments, which also included the sale of its silicas products business for $325 million, resulting in a pre-tax gain of $129 million.
Operationally, PPG employed approximately 46,000 individuals as of December 31, 2024, with a notable restructuring program aimed at reducing costs by approximately $175 million annually, primarily in Europe. The company anticipates a reduction of about 1,800 positions as part of this initiative. PPG's global footprint remains extensive, with 68% of total net sales recognized outside the U.S., highlighting its reliance on international markets for growth.
Looking ahead, PPG expects a slow start to 2025, particularly in Europe and global industrial markets, but anticipates organic sales growth of low single-digit percentages for the year. The company is optimistic about demand growth in regions such as China, India, and Mexico, alongside continued strength in aerospace coatings. PPG's management remains focused on monitoring costs and pricing strategies to navigate the challenges posed by fluctuating raw material prices and economic conditions.
About PPG INDUSTRIES INC
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