PPG Industries raises dividend by 3 percent

Associated Press

PITTSBURGH (AP) -- PPG Industries Inc. is raising its quarterly dividend by 3 percent to 61 cents per share from 59 cents per share.

The Pittsburgh company, which makes paints and coatings for autos, aircraft and other industries, said Thursday that the dividend will be paid on June 12 to shareholders of record on May 10.

PPG also reported Thursday that its first-quarter net income soared, mainly the result of a large gain related to the sale of its $2.5 billion commodity chemicals business.

Its stock added 4.2 percent, or $5.62, to $138.02 in morning trading.