Issues around supply chains and higher input costs are part and parcel of any packaging company and have been part of PPG's DNA since it listed in 2007. It is evident that under current management one of PPG's greatest assets, its depth of corporate knowledge has been lost. There is no excuse for the material blow out in inventory and consequential increase in debt. PPG's Board and management have been caught woefully short. No excuses guys you are simply not up to the task.
My real concern is how shareholder value is going to be restored. Clearly not under the current Board and management. Pragmatically, the key to restoring shareholder value resides with the majority shareholder but at what cost ???
It is always sad to see a company that delivered real returns to shareholders from its inception destroyed by an incompetent Board and management team. With the value of hindsight, the acquisition of the flexibles business was the start of the decline.
IMO DYOR
Clare
PPG Price at posting:
54.5¢ Sentiment: Hold Disclosure: Held
