PPG recently announced that two separate and independent reviews of its business portfolio were completed by Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, with each firm independently conducting multi-faceted evaluations of PPG’s business portfolio, including potential separation opportunities. PPG’s board of directors and executive management team recently received a full report from each advisor with respect to their independent reviews. Based on these reports and its own evaluation, the board has determined that maintaining the company’s current business portfolio composition, including its architectural and industrial coatings businesses, provides the best opportunity to maximize long-term shareholder value.

“PPG’s Board of Directors commissioned a strategic review process by two independent advisors, with a focus on long-term shareholder value, along with the guidance of ‘nothing is sacred,’” said Hugh Grant, PPG’s lead independent director. “The independent findings made clear, and after its own review of these findings the Board concluded that, the current business portfolio provides the best opportunity to drive long-term shareholder value. The Board and management team remain strongly aligned and accountable for delivering on the company’s current year commitments and future growth potential.”