PPG Ind Inc. said 16 July that its Q2 net income dropped severely to US$ 146M, (89c/share) from US$ 250M, ($1.51) in 2008, due to the continuing global recession. According to PPG, sales for Q2 ended 30 June were US$ 3.1BN, a 30% drop compared to 2008. The divestiture of a majority interest in the automotive glass & services business in 2008 to Pittsburgh Glass Works, of which PPG retains a 40% share, for US$ 253M, were also part of the decrease in sales. "Clearly, we are continuing to experience very challenging conditions in many of our end-use markets," CEO Charles E. Bunch said, adding that PPG's cash generation had increased 25%, while earnings rose significantly compared to the previous 2 quarters. Bunch also said the company is looking at the future positively since total sales during the quarter remained fairly consistent month to month. , also remaining steady within each major region. "This gives us a degree of confidence that most markets have stabilized, albeit at considerably lower levels than prior years," he said.
