This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PPG Industries, a global manufacturer of paints, coatings, and specialty materials, conducts animal testing as part of its product development and regulatory compliance. The company has been a participant in programs like the EPA’s High Production Volume (HPV) Chemical Challenge, which historically relied on animal data for toxicity assessments. Internal and legal documents reference the use of animal studies to evaluate the health effects of materials, including lead and other industrial chemicals.
Specific evidence of this practice includes a 2006 submission to the EPA HPV program where PPG Industries cited the use of laboratory animals for acute systemic toxicity testing. Further documentation from the Animal Welfare Institute archives PPG’s involvement in animal testing activities between 1988 and 1989. The company’s ongoing regulatory filings, such as Food Contact Notifications (FCN) with the FDA, also imply a reliance on standard toxicological data, which for industrial chemicals often includes animal testing to meet safety requirements.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.