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PPG Industries, Inc. (PPG)

  • Jun. 30, 2014, 8:15 AM
    • PPG Industries (PPG) +2.9% premarket after agreeing to acquire privately-held Consorcio Comex, a Mexican architectural and industrial coatings company, in a transaction is valued at $2.3B.
    • Comex sold ~$1B of its products in 2013 through ~3,600 stores in Mexico and Central America as well as through regional retailers, wholesalers and direct sales to customers.
    • PPG says the deal will be immediately accretive to earnings, and it anticipates acquisition-related synergies of 3%-4% of acquired sales will be achieved over a two-year period.
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  • Apr. 25, 2014, 5:39 PM
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  • Sep. 26, 2013, 12:43 PM
    • H.B. Fuller (FUL +7.6%) shares hit a 52-week high after the maker of adhesives and sealants reported better than expected Q3 results.
    • Q3 earnings fell 66% Y/Y but results suffered from tough year-ago comparisons that masked an increase in revenue and wider margins.
    • FUL forecast Q4 adjusted EPS of $0.70-$0.74 vs. $0.74 analyst consensus and raised the bottom end of its FY 2013 EPS outlook, narrowing its view to $2.60-$2.65 from $2.55-$2.65 and $2.56 consensus.
    • Peers SHW +1.1%, PPG +1%.
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  • May 8, 2013, 1:19 PM
    Shares of Axiall (AXLL -16.2%) plummet after earnings miss estimates by a wide margin. The acquisition of PPG's chlorine assets was largely responsible for an $88.6M increase in adjusted EBITDA from Q1 2012 in the Chlorovinyls segment (which accounts for most of the firm's sales), but relatively high ethylene costs and lower resin sales prices conspired to offset the gains. Meanwhile, net sales decreased in both the Building Products and Aromatics segments. (PR)
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  • Apr. 18, 2013, 2:46 PM
    PPG Industries (PPG +5.9%) moves up today, despite posting a mixed Q1 report earlier that missed slightly on revenue but beat on a per share basis. Net earnings surged after the paint-and-coatings supplier recorded a $2.2B sale of its chemicals business to Georgia Gulf Corp. Sales in its industrial-coatings unit were up 10%, boosted by higher volume and some smaller acquisitions.
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  • Jan. 28, 2013, 10:20 AM
    PPG Industries (PPG -3.1%) sets a final exchange ratio for the split-off of its commodity chemicals business at 3.2562 shares of newly created Eagle Spinco for each PPG share. After PPG's acceptance, Eagle Spinco will merge with a subsidiary of Georgia Gulf (GGC +4.8%) and each Spinco share will convert to one GGC share; the closing of the merger then should conclude later today.
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  • Jan. 14, 2013, 8:12 AM
    PPG Industries, Inc. (PPG): Q4 EPS of $1.53 in-line. Revenue of $3.6B in-line. Shares -1.5% premarket. (PR)
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  • Sep. 19, 2012, 11:54 AM
    RBC Capital initiates coverage on the chemicals sector today: LyondellBasell (LYB +1%, Celanese (CE +3.8%) and Valspar (VAL +3.4%) are all initiated with an Outperform (I, II, III) and Dow Chemical (DOW +0.1%), DuPont (DD +1%), Eastman Chemical (EMN +0.5%) and PPG Industries (PPG) are started at Sector Perform (I, II, III, IV).
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  • Jul. 19, 2012, 9:10 AM
    Premarket gainers: MLNX +42%. SCSS +21%. GGC +16%. NOK +13%. WAG +11%. SWKS +10%. TXT +9%. EDU +8%. EBAY +8%. ALU +7%. QCOM +6%. PPG +5%. LUV +5%.
    Losers: ANTH -15%. DCIX -15%. JCI -8%. CVS -6%.
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  • Jul. 19, 2012, 8:11 AM
    PPG Industries (PPG) plans to separate its commodity chemicals business and merge it with Georgia Gulf (GGC) in a cash-and-stock deal worth $2.1B. PPG shareholders will receive 50.5% of the shares of the merged company, whose yearly revenue is projected at ~$5B. The deal is expected to close late this year or early 2013. PPG +1.6%, GGC +13.7% premarket.
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  • May 24, 2012, 2:31 PM
    PPG Industries (PPG +1.6%) gains on an upgrade to Buy on valuation at BofA/Merrill, citing reduced raw material cost pressures, potential for margin expansion and share gains.
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  • Apr. 16, 2012, 12:43 PM
    PPG Industries (PPG +0.9%) gains on an upgrade to Buy at Citigroup, citing margin improvement from cheaper natural gas and the upturn in the automotive and aerospace sectors. The firm also raises its price target to $114 from $107.
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  • Apr. 5, 2012, 9:42 AM
    PPG Industries (PPG +4.5%) issues upside guidance for Q1, seeing EPS of $1.75-$1.80, excluding non-recurring items, vs. $1.44 consensus. PPG plans to book restructuring charges of $164M, or $1.06/share, which will impact ~2,000 employees. Business conditions were strong in North America and "solid" in Asia and other emerging regions.
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  • Oct. 20, 2011, 3:07 PM
    PPG Industries (PPG +2%) is trading higher, despite reporting mixed Q3 results earlier this morning. Profit rose 19% Y/Y, boosted by higher selling prices across the all the company's business lines and strong sales volume in emerging markets. Margins also improved as the company aggressively cut costs to combat pressures from rising commodities costs and a uneven global economy.
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Company Description
PPG Industries Inc is engaged in manufacturing and distributing coatings, specialty materials and glass products. The Company has three reportable business segments: Performance Coatings, Industrial Coatings and Glass.