Yesterday, 6:57 PM
- PPG Industries (NYSE:PPG) reaches an agreement to transfer $1.6B in pension benefits and annuity administration to MetLife (NYSE:MET) and MassMutual.
- PPG says the deal accounts for ~13,400 salaried and non-union hourly retirees or their survivors, and the insurers will assume the obligation to make all future annuity payments and administer the arrangements.
- PPG joins General Motors, Verizon and others that have sought to offload pension risks that are pressured by low interest rates and a growing possibility that beneficiaries may live longer than expected.
Thu, Apr. 21, 9:47 AM
Thu, Apr. 21, 6:55 AM
Wed, Apr. 20, 5:30 PM
- ADS, ALK, AZZ, BANC, BBT, BHE, BIIB, BK, BX, CFG, CLS, COL, DAN, DGX, DHI, DHR, DOV, DST, ERIC, FAF, FCS, FITB, GM, GMT, HOMB, IMAX, JAKK, JCI, KCG, KEY, LAD, LAZ, LUV, MAN, MDSO, MDWD, NUE, NVR, NVS, PBCT, PHM, PII, POOL, PPG, PVTB, RS, SHW, SILC, SNA, SON, STC, SWK, SYNT, TCB, TRV, UA, UNP, USG, UTEK, VZ
Wed, Mar. 23, 12:47 PM
- The chemicals industry is on the verge of an "M&A bonanza," driven by strong balance sheets, cheap financing and activist pressures, Deutsche Bank says following a week-long series of meetings with leading U.S. and European chemical companies.
- Deutsche Bank sees the U.S. Gulf coast region as the top global investment region looking ahead, and says North American ethane based ethylene production still maintains a 50%-60% cash cost advantage over European production even though the collapse in oil price has flattened the cost curve.
- Among U.S. majors, the firm maintains Buy ratings on Celanese (CE -1.3%), Dow Chemical (DOW +0.6%), DuPont (DD +0.8%), Eastman Chemical (EMN +0.1%) and PPG Industries (PPG -0.3%); Evonik (OTC:EVKIF), BASF (OTCQX:BASFY) and Linde (OTCPK:LNAGF) are viewed as top potential European buyers of U.S. assets.
Mon, Mar. 21, 6:28 PM
- Analysts are bullish on Sherwin-Williams' (NYSE:SHW) $11.3B acquisition of Valspar (NYSE:VAL), believing the merger will provide a big boost to SHW's earnings and could lift the entire paints and coatings sector.
- Susquehanna's Don Carson is bullish on the deal, upgrading his rating on SHW to Positive from Neutral with a $370 price target, hiked from $260; he thinks the deal will be accretive to cash EPS by nearly $4.00 by 2018, including at least $2.05 in synergies, and believes there is little antitrust risk to the deal, since the two companies use different architectural channels in the U.S. and there is no overlap in the industrial coating business.
- VAL's packaging coatings business is a "crown jewel" within the space, and the combination increases SHW's exposure to U.S. do-it-yourself painters, international territories and industrial applications, catapulting SHW into a position of global leadership, Baird analyst Ghansham Panjabi says.
- SunTrust's James Sheehan argues the merger also is positive for PPG Industries (NYSE:PPG), as the deal could improve overall competitive dynamics in the coatings industry.
- In today's trade: VAL +23.2%, SHW -5.3%, PPG -0.1%, AXTA +1%, RPM +1.8%.
Sun, Mar. 20, 5:36 PM
- While Sherwin-William's (NYSE:SHW) logo shows a can of red paint being poured over a globe, bearing the slogan, "Cover the earth," the U.S. and Canada account for about 82% of its sales. The Valspar (NYSE:VAL) acquisition will reduce its North American footprint to 76% by adding sales in Asia and Europe.
- "It gives us the scale and platform" to expand in Europe and Asia, Chief Executive John G. Morikis said.
- Valspar also has strength in two other areas Sherwin doesn't: coatings for food and beverage packaging and for steel coils.
- The pair would have had $15.6B in sales last year, slightly ahead of PPG's (NYSE:PPG) $15.3B. AkzoNobel had 2015 sales of about $16.7B.
- Dmitry Silversteyn of Longbow Research says the plan is very attractive for Valspar shareholders, and should be good for Sherwin in the long run. Valspar is lean, but the combined company should save on corporate overhead, distribution and raw materials. Valspar's No.1 position in coatings for packaging is a big attraction, as is the company's foothold in China.
- Source: WSJ
Mon, Feb. 29, 10:06 AM
- Auto parts distributor LKQ Corp. (LKQ +1%) agrees to acquire Pittsburgh Glass Works from P-E firm Kohlberg & Co. and PPG Industries (PPG -0.2%) for an enterprise value of $635M.
- Pittsburgh Glass Works is a key player in the automotive glass industry, with more than $1 in annual sales and products in automotive OEM and replacement glass as well as parts.
- PPG, which had held a ~40% interest in PGW since 2008, says the sale will allow it to sharpen its focus on its paint, coatings and specialty materials businesses.
Thu, Jan. 21, 10:01 AM
Thu, Jan. 21, 6:56 AM
Wed, Jan. 20, 5:30 PM
Tue, Jan. 5, 7:36 AM
Nov. 25, 2015, 6:23 PM
- PPG Industries (NYSE:PPG) rose 0.9% today, and Valspar (NYSE:VAL) dropped 1.4%, as J.P. Morgan says it now prefers PPG in the chemical coatings space.
- Morgan's Jeffrey Zekauskas downgraded Valspar to Neutral, from Overweight, but raised its price target to $85, from $83. After a two-month run where Valspar rose 15.6%, shares closed today at $84.21.
- With its price gain, Valspar's free cash flow yield is 5.1% -- fair value, according to Zekauskas, since it's not high compared to the average in their coverage universe.
- Valspar's revenues should be flat or lower in fiscal 2016 as forex challenges offset acquisition-based sales growth, he writes: “We think the coatings company now offering the most favorable risk/reward balance for investment in the year ahead is PPG. ... We expect PPG to benefit from a favorable raw material dynamic and good domestic volume growth versus weak 1H:15 domestic volume comparisons.”
- Valspar was also downgraded at RBC Capital (though like J.P. Morgan, the firm raised its price target, to $82).
- Valspar shares fell 0.4% after hours.
Oct. 15, 2015, 4:46 PM
- PPG (NYSE:PPG) declares $0.36/share quarterly dividend, in line with previous.
- Forward yield 1.45%
- Payable Dec. 11; for shareholders of record Nov. 10; ex-div Nov. 6.
Oct. 15, 2015, 6:52 AM
- PPG (NYSE:PPG): Q3 EPS of $1.61 beats by $0.01.
- Revenue of $3.87B (-1.8% Y/Y) misses by $180M.
Oct. 14, 2015, 5:30 PM
PPG Industries, Inc. manufactures and distributes coatings, specialty materials and glass products. The company operates its business through three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment comprises of the refinish, aerospace, protective and... More
Sector: Basic Materials
Industry: Specialty Chemicals
Country: United States
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