From today's PPG Q1 Earnings Conference Call You can find the entire transcript here: https://seekingalpha.com/article/512211-ppg-industries-ceo-discusses-q1-2012-results-earnings-call-transcript?part=qanda
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Operator
[Operator Instructions] And your first question comes from the line of John McNulty with Credit Suisse.
John P. McNulty - Crédit Suisse AG, Research Division
A quick question with regard to TiO2, I know you started the year expecting to be able to reduce your consumption by 4% to 6%, and I guess I'd love an update as to where you stand on that right now. And then as a follow-up, you had mentioned -- I guess you had put out a release recently with a venture with Argex, and was curious as to -- I know in the release, you said it was going to be limited capital intensity for you guys. But can you -- if you can quantify that a bit, that would be great.
Charles E. Bunch
Well, the first question on the metrics around our targets for reducing TiO2 consumption on a per-gallon basis, we said 4% to 6% for this year. If you looked at the first quarter, John, we're between 1% and 2%, so on target with what we're looking for, for a full year reduction or productivity improvement in TiO2 usage. But where we said we would be, we obviously have focused teams, a big commitment from our R&D organization and all of our Coatings businesses to accomplish this. So we're on track there. And yes, we did make a announcement with our collaboration with Argex. At this point, we have not made a decision on what will be the full extent of our participation with them. And that could include, among other things, an investment on our part. But we're working closely with them now as they continue to advance the opportunity that they see in TiO2 production.