Aerospace coatings represent a high-margin, certification-intensive segment where PPG benefits from long qualification cycles and captive customer relationships. Strong backlogs and debottlenecking investments indicate multi-year visibility into this earnings stream, as aircraft programs cannot easily switch coating suppliers mid-production.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s