| 2017-04-20 06:52:30|
PPG 06:52 04/20 04/20/17
PPG backs commitment to deploy at least $2.5B-$3.5B of cash on acquisitions
PPG reported that cash and short-term investments totaled approximately $1.4 billion on March 31, 2017, up about $350 million versus the prior-year period. During the quarter, the company repurchased about $165 million, or approximately 1.6 million shares, of PPG stock, and average diluted shares outstanding were reduced by about 4 percent versus the prior year. The company has approximately $1.7 billion remaining under its current share-repurchase authorization. PPG reiterated its commitment to deploy at least $2.5 billion to $3.5 billion of cash on acquisitions and share repurchases in years 2017 and 2018 combined.