Pittsburgh-based PPG Industries (PPG, Financial) is a global leader in the manufacture and distribution of paints, coatings and specialty materials. PPG has a history of conservative balance sheet management and strong capital allocation and has generated positive free cash flow for more than 40 consecutive years. Early-2020 weakness in PPG’s share price, due primarily to its exposure to cyclical weakness in autos and industrial production, enabled us to add this business to the portfolio at what we considered an attractive price.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund first-quarter 2020 shareholder commentary.
