PPG Industries Earnings Call Nuggets: Coatings Growth and Pricing Outlook
Kevin McCarthy – Bank of America Merrill Lynch: Question for you on the growth you experienced in coatings. I think you referenced 25% growth on a year-over-year basis. Just trying to parse how much was organic versus Akzo? I think you threw out a sales number 475 times mid-single-digits. So, would it be fair to say Akzo contributed $25 million or so in the quarter?
Vincent J. Morales – VP, IR: Yeah, Kevin, I think – this is Vince. I think that’s a fair number.
Kevin McCarthy – Bank of America Merrill Lynch: Then on the new restructuring initiative of a $102 million, is that exclusively part of your $200 million synergy goal looking out to 2015? Or are there other areas of the Company where you’re taking additional cost actions at this point?
David B. Navikas – SVP, Finance and CFO: Kevin, this is Dave Navikas. Of the charge that we took, about 60% of it relates to the Akzo North America integration and the remainder relates to other actions in some of our other businesses where there’s still that weak demand condition…
Kevin McCarthy – Bank of America Merrill Lynch: Then a final question I had was on Europe. I guess, you’re running minus 4% there according to one of your slides versus minus 7% or minus 8% in the prior couple of quarters. Chuck, I think you mentioned in your prepared comments that you were seeing certain businesses that were actually growing; and I wondering if you could elaborate on that, maybe talk about where you might be seeing growth in the region.
Charles E. Bunch – Chairman and CEO: Well, growth, I would say in the region is very challenged right now, Kevin. If you look at several of our businesses like aerospace and packaging, we still have growth in those businesses. However, if you look at the automotive markets or the architectural markets, those are businesses where from an overall market standpoint we’re still seeing negative growth.
Ram Sivalingam – Deutsche Bank: This is (Ram Sivalingam) sitting in for David. Just a quick question on raws. Given that we’re past the height of the paint production season, how are you thinking about TiO2 pricing in the back half of the year? And also, any update you can give on your usage reductions of TiO2 would be helpful.
Charles E. Bunch – Chairman and CEO: TiO2 pricing for the second half, we are in discussions now. So it would be too early to comment. We’re looking overall at stable raw material pricing in the second half of the year. We continue to have success in terms of improving our productivity. In our formulations for TiO2 usage, we hit our targets last year in the 4% to 5% range. This year, we are on track for hitting those targets which we defined. This year is closer to 2% to 3%.
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