|By Business Wire||
|September 30, 2013 07:11 AM EDT||
PPG Industries (NYSE:PPG) today announced plans to invest $60 million in a new manufacturing facility and commercial operation for its coatings businesses in the Lipetsk region of Russia. The company anticipates project completion in the second half of 2015. The facility is expected to employ more than 150 people and manufacture a wide variety of industrial and performance coatings.
The investment further demonstrates PPG’s commitment to growth in Europe, the Middle East and Africa (EMEA). PPG currently has operations in Russia and is supplying customers across a variety of industries in the country. The new facility is expected to facilitate PPG’s growth in the market and help the company directly meet growing local demand for its coatings products.
In addition to the manufacturing hub, the facility will include a new warehouse and distribution center as well as administrative offices and technical labs.
“We are delighted to expand our operations and commitment in Russia,” said Jens Brackebusch, PPG general manager, Russia. “We appreciate the ongoing loyalty of our Russian customers and are excited about this opportunity, which will allow us to grow with them.”
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Sales in 2012 were $15.2 billion. For more information, visit www.ppg.com and follow @PPGIndustries on Twitter.
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to the size, scope, timing and expected benefits of the planned Lipetsk facility. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including changes to the scope of the planned Lipetsk facility, the failure to achieve the expected benefits of the facility, changes in the Russian economy and the other risks and uncertainties discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.