We Protect and Beautify the World®
At PPG, we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for nearly 140 years. Through dedication and creativity, we solve our customers' biggest challenges, collaborating closely to find the right path forward. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets.
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Given the challenges presented by the ever-evolving pandemic, in 2021 we learned to adapt and manage through a myriad of obstacles, including global supply chain disruptions, raw material scarcity, labor shortages and overall cost inflation.
We achieved all-time record sales of $16.8 billion in 2021, up 21% compared to the prior year. This was led by strong organic growth of 10% and several strategic acquisitions. In addition, we delivered record adjusted earnings per share (EPS) with year-over-year growth of more than 10%, despite unprecedented levels of inflation.
We generated $1.6 billion of cash flow from operations, and deployed cash of about $2.3 billion on acquisitions and share repurchases. We also further optimized our cost structure in 2021, achieving about $135 million in cost savings.
We continue to have excellent financial flexibility with cash and short-term investments of about $1.1 billion at year-end.
Strategically, we continued to strengthen and optimize our portfolio with the completion of several acquisitions in 2021. These acquisitions, which added $1.7 billion of annualized revenue, expanded our sustainable product offerings and moved us into new markets, were:
VersaFlex, which specializes in polyurea, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications.
The success of our team's work throughout the year has enabled us to continue to reward our shareholders by extending our consecutive annual dividend payments to over 120 years, including raising our annual dividend payout for the 50th successive year. We're among a very small number of companies that have achieved these milestones.
Learn more about our performance in our 2021 Annual Report.