PPG Industries has recorded first quarter sales of US$1.8bn and a net income of US$123m. This includes an after tax restructuring charge of US$20m as a result of recent packaging coatings acquisitions, without which the net income would have been US$143m. Glass segment sales declined from the record level of a year ago due to the divestment of European flat and automotive glass operations in mid-1998. Effects of low priced Asian glassfibre, particularly for use in electronics production, also contributed towards lower sales and operating earnings. Separately, at PPG's annual general meeting, board chairman and CEO Raymond Le Boeuf said that along with stronger supplier relationships, an enhanced quality process and technology breakthroughs a foundation for long-term growth had been established.
