PPG Industries, Inc. - PPG STOCK NEWS

Olympus Partners has agreed to sell Ennis-Flint, a leader in pavement markings and traffic safety solutions, to PPG (NYSE: PPG). Under Olympus' ownership since June 2016, Ennis-Flint completed six acquisitions and opened new manufacturing facilities across North America, Europe, and Australia, employing nearly 1,000 team members. Executives from both companies praised their partnership, highlighting the significant growth and support provided during the acquisition phase.

PPG has announced its definitive agreement to acquire Ennis-Flint for approximately $1.15 billion. Ennis-Flint is recognized globally for its extensive offerings in pavement marking products and traffic safety solutions. This acquisition aims to enhance PPG's product line in mobility technologies, crucial for supporting advancements in automotive safety systems. Ennis-Flint reported an expected revenue of $600 million in 2020, with healthy mid-teen percentage EBITDA margins. The transaction is expected to close within a few months, pending customary conditions.

PPG (NYSE: PPG) announced that CEO Michael McGarry will engage in a virtual fireside chat at the 2020 Citi Basic Materials Conference on December 1 at 11:00 a.m. ET. McGarry will discuss PPG's financial performance and its strategic adaptations during the COVID-19 pandemic. The session will be streamed live and accessible via PPG's investor relations website.

PPG has a rich history of over 135 years in delivering trusted paints, coatings, and materials globally, reporting net sales of $15.1 billion in 2019, and operating in more than 70 countries.

PPG has launched the PPG ENVIROCRON™ HeatSense powder coating, designed for heat-sensitive wood and wood-composite applications. This innovative coating cures quickly, in as little as five minutes at 250°F, enabling seamless application on substrates like MDF and hardwood. It provides a durable, moisture-resistant finish and accommodates wood's natural expansion and contraction. The formulation is VOC-free and contributes to a lower carbon footprint compared to traditional coatings. PPG aims to revolutionize wood coating markets, enhancing design flexibility and efficiency.

PPG has appointed Scott Bartlett as vice president of operations for global architectural coatings, effective Nov. 1, 2020. Reporting to executive vice president Tim Knavish, Bartlett will focus on enhancing operational efficiency and synergies across PPG’s global architectural coatings portfolio. Bartlett has been with PPG since 2015, where he led supply chain initiatives. His extensive background includes over 30 years in supply chain management at various companies, including ConAgra Foods and DuPont. This leadership change aims to boost profitability and streamline operations.

PPG has been selected by Magnetic MRO for a VIP aircraft repaint project, utilizing a variety of PPG aerospace coatings. The project involved the use of Embraer-approved PPG DESOPRIME™ HS CA7755BE epoxy primer and PPG DESOTHANE™ CA8000 system across five mica and metallic colors. The repaint was completed within 16 days at Magnetic MRO’s facility in Tallinn, Estonia. PPG’s application support center in Hamburg facilitated the project by providing technical assistance and blended coatings. This collaboration emphasizes PPG's capabilities in the VIP market.

PPG reported third quarter 2020 net sales of approximately $3.7 billion, down 4% year-over-year, with selling prices up 1.3%. Net income from continuing operations increased to $442 million ($1.86 per diluted share), compared to $366 million ($1.54 per diluted share) in Q3 2019. Strong performance in architectural coatings and effective cost management contributed to earnings growth, despite a 5% sales volume decline from pandemic impacts. The company anticipates a low-to-mid-single digit sales volume decrease in Q4 2020 and projects adjusted EPS between $1.50 and $1.57.