PPG offers stock option to 30,000 employees worldwide

Citation

(1998), "PPG offers stock option to 30,000 employees worldwide", Pigment & Resin Technology, Vol. 27 No. 6. https://doi.org/10.1108/prt.1998.12927fab.003

PPG offers stock option to 30,000 employees worldwide

PPG offers stock option to 30,000 employees worldwide

Keywords PPG, Shares

In one of the few programs of its kind, PPG Industries has granted more than 30,000 worldwide employees a stock option on 100 company shares.

Called the Challenge 2000 stock option, the program relates to PPG's goal of achieving earnings per share of $7 ­ a 76 per cent gain from 1997 results ­ no later than the year 2000. The stock option price is $70 per share, PPG's closing price on the New York Stock Exchange on 1 July 1998.

If the $7 per share goal is met, employees may convert their stock option beginning 31 January 2001. If the goal is not met, the conversion period begins 1 July 2003. Employees may convert their option until 1 July 2008. The company's 1997 earnings per share amounted to $3.97.

PPG Industries also informs us that it has agreed to sell the decorative coatings business of MaxMeyer Duco SpA, an Italian coatings maker PPG acquired last November, to LaFarge Peintures SAS of Paris.

Pittsburgh-based PPG retains the automotive refinish and fleet finishes operations for which it acquired MaxMeyer Duco, one of several transactions during the past year that expanded PPG's global automotive and industrial coatings businesses.