The board of directors of PPG Industries declared a regular quarterly dividend of 40 cents/share and authorized a repurchase of up to 10m additional shares. Since October 1993, the group has repurchased around 48m shares. PPG's dividend increased by two cents in March 2000, making 30 consecutive years of dividend increases. R W LeBoeuf, chairman and CE claims the share repurchase authorization to be consistent with the group's policy of investing cash flow in excess of that used for acquisitions or internal investments in dividend increases and periodic share buy-backs. The 10m/share repurchase authorized in 1998 was forecasted by the group to be completed before the end of 2000, and the new authorization maintains PPG's flexibility for continued use of the strong cash flow to benefit long-term interests of shareholders.
