After 15 years of bleeding "[PPG|http://www.ppg.com/]-Blue" I woke up on October 1st working for a new company....[Pittsburgh Glass Works|http://corporateportal.ppg.com/na/PGW/default.htm]. It has been many months in the making and after a lot of hard work we have reached this important milestone. Since the purchase by Kohlberg and Companyis now official, I can share with you my thoughts on the Company's path forward.
Bottom line, I am more excited about the future than ever.
Kohlberg & Company brings with it a wealth of knowledge and experience in the automotive industry. Our new Chairman and CEO, James D. Wiggins, has been affiliated with Kohlberg & Company since 1996. During his tenure with the firm, Mr. Wiggins has held the positions of Chairman and Chief Executive Officer of five Kohlberg portfolio companies in the automotive and industrial sectors. Prior to becoming an Operating Principal at Kohlberg, he was Group President of the Stant-Schrader Group of the Gates Group of Companies and then President and Chief Executive Officer of the Gates Group, a $3bn automotive and industrial subsidiary of Tomkins PLC.
The executive leadership of the business to support Mr. Wiggins has remained in tact. Although this is a time of unprecedented change, the core philosophies, vision, and strong leadership that have enabled the company to deliver superior products and services to the market remain stable.
From a focus perspective, it is a win for both PPG and Pittsburgh Glass Works. Clearly, PPG is shifting its' focus to be a coatings and specialty products company. As stated in the July 8, 2008 press releaseon the sale:
"This transaction is another positive step forward in our portfolio transformation," said Charles E. Bunch, PPG chairman and chief executive officer. "It enables us to focus more on coatings and specialty products, and significantly reduces PPG's exposure to the U.S. automotive market."
Whereas Pittsburgh Glass Works will be making significant investments in the business to grow, compete and deliver superior value to our customers.
For GTS customers specifically, our strategy remains the same. We will,
Maintain our leadership position in the auto glass software market
Grow by enhancing the value we bring to the residential and commercial flat glass software market
Diversify with new products and services in new markets
Internet Marketing Services for the auto glass, flat glass and collision markets
Partnership wtih Microsoft Dynamics "best-in-class" financial applications specifically tailored for the glass industry
And with the new Company I am more confident than ever that we will deliver on our promise.