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PPG to see charge for Environ matters

US chemicals, coatings, resins, glass and fibreglass products manufacturer PPG Industries, Inc. (PPG) said it might take a charge to income of US$ 50 million in 2002 for certain environmental matters….

US chemicals, coatings, resins, glass and fibreglass products manufacturer PPG Industries, Inc. (PPG) said it might take a charge to income of US$ 50 million in 2002 for certain environmental matters. In the company“s annual report filed with the Securities and Exchange Commission in the last week of February, PPG believes it will need continuing expenditures to comply with provisions regulating the protection of the environment and for present and future re-mediation efforts at waste and plant sites. The company anticipates that those expenditures will occur over an extended period of time. For 2002, the company expects capital expenditures for environmental control projects will project to US$ 25 million, with similar amounts of annual expenditures seen in the near future, the filing said. Capital expenditures for environmental control projects were US$ 22 million in both 2000 and 2001. PPG is negotiating with various government agencies concerning 98 current and former manufacturing sites and offsite waste disposal locations, including 27 sites on the National Priority List. The company has established reserves for those sites where it“s probable to have incurred a liability and the amount can be reasonably estimated, according to the filing. As of 31 December 2001, PPG had reserves for environmental contingencies totalling US$ 94 million. Pre-tax charges against income for environmental re-mediation costs totalled US$ 29 million in 2001.

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