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PPG Industries, Inc. develops and sells paints, coatings and specialty products for construction, consumer products, industrial, transportation and aftermarket customers. Company news commonly covers segment results in Global Architectural Coatings, Performance Coatings, Industrial Coatings, aerospace coatings, protective and marine coatings, Traffic Solutions, and packaging or automotive OEM coatings.
Recurring updates also include product and technology investments, such as radiation-curable coatings, protective systems for data center infrastructure, and R&D activity across regional laboratories. PPG news also addresses acquisitions that expand coatings lines, dividend declarations, shareholder meeting matters, leadership changes, digital transformation and operational efficiency initiatives.
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PPG has launched the world’s first commercial retroreflective powder coating, Envirocron LUM, in partnership with Lyft for their e-bikes in the DIVVY bike-share program. This innovative coating enhances cyclist visibility, a critical safety feature as bicycle-related deaths rose 37% from 2010 to 2019. Inspired by nature, the powder coating utilizes embedded glass beads for increased light reflection. Lyft's pilot program began in June 2021, expanding to major cities including San Francisco and New York City, and honors Lyft engineer Abel Lopez, promoting cyclist safety.
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PPG (NYSE:PPG) held its adjourned annual meeting virtually, where shareholders voted to amend the Articles of Incorporation, replacing the supermajority voting requirements. This change aims to enhance PPG’s corporate governance practices. Chairman and CEO Michael McGarry highlighted the significance of this vote, noting extensive shareholder outreach efforts, including over 60,000 phone calls. Shareholders also re-elected directors, approved executive compensation, and ratified PricewaterhouseCoopers LLP as the independent accounting firm for 2022.
PPG (NYSE: PPG) has inaugurated a new $2.1 million color automation laboratory in location value="LU/it..milan"Milan, Italy, aimed at enhancing the development speed of paint formulations. The facility is expected to deliver up to 100,000 paint color matches annually, utilizing an automated system to improve accuracy and efficiency. This investment strengthens PPG's commitment to innovation, enabling quicker market access for new color collections and enhancing collaboration with global research teams.
PPG (NYSE: PPG) has launched a new high-efficiency power-generation facility at its Quattordio, Italy site, aimed at reducing energy costs by 13% and carbon dioxide emissions by 10% annually. This $2.8 million project employs trigeneration technology, capable of using natural gas and up to 60% hydrogen with further modifications. Grastim is responsible for financing and operating the facility for seven years. PPG emphasizes its commitment to sustainability and improving operational efficiency in response to rising energy costs.
PPG (NYSE:PPG) will invest $17 million to establish an aerospace application support center in Toulouse, France, enhancing service to local aerospace customers. The facility, near Toulouse Blagnac Airport, is expected to commence operations in the fourth quarter of 2023. It will be PPG's fifth ASC in the EMEA region and aims to improve product delivery and technical resources. The center will have capabilities including a qualification lab, training areas, and customer service resources, supporting PPG’s growth strategy and regional customer engagement.
PPG (NYSE: PPG) announced the launch of PPG ENVIROCRON™ P8 Series Anti-Graffiti coating at PaintExpo 2022, scheduled for April 26-29 in Karlsruhe, Germany. This innovative hybrid powder coating protects against graffiti and harsh chemicals without harmful substances. It offers excellent impact strength and yellowing stability and is suitable for various applications, including public transportation and medical environments. The event marks the return of PaintExpo since its last occurrence in 2018, allowing PPG to showcase its advanced coating technologies.
PPG has launched GLIDDEN MAX FLEX™, its first spray paint + primer, targeting DIY enthusiasts looking to refresh their projects this spring. This innovative product, featuring a quick five-minute dry time and a unique fan spray pattern, minimizes drips and ensures smooth coverage. Available in 18 surface colors and 6 fabric colors, it's designed for various materials, including wood and fabric. A recent survey indicates 65% of Americans plan DIY projects in the next year, with 85% considering the product's features appealing. PPG reported $16.8 billion in net sales in 2021.
PPG reported record first-quarter net sales of $4.3 billion, an 11% increase from the previous year, driven by higher selling prices. However, reported earnings per diluted share (EPS) fell to $0.08, a 95% decline year-over-year, with adjusted EPS at $1.37. Raw material costs surged by 25% year-over-year, alongside $290 million in charges related to operations in Russia. Despite supply chain disruptions, the company experienced organic sales growth of about 7%.