PPG authorizes buybacks of 5M shares

PPG Industries said Thursday that its board authorized buybacks of an additional 5 million shares of common stock.

The authorization is effective immediately and does not expire. It gives management the ability to decide when to buy in the open market or through private transactions.

In October 2005, PPG authorized a buyback program for 10 million shares. Of those, 1.2 million are available.

PPG, based in Pittsburgh, sells paints, coatings, chemicals, glass, fiberglass and other materials.

Its shares fell 60 cents to $58.84 in late afternoon trading.