PPG Industries Inc., known for its architectural coatings and paints businesses, has seen a period of volatility. Misaligned with S&P 500 performance, it has been downgraded by both KeyCorp and KeyBanc. PPG has executed a strategic cost-cutting plan involving dismissal of 1,800 workers globally and sale of manufacturing plants. However, the company disappointed on quarterly profit expectations amid weak industrial coatings demand. The Pennsylvania-based company sold its architectural coatings business and another unit was purchased by American Industrial Partners. Subsequently, the unit was renamed The Pittsburgh Paints Company, retaining its headquarters in the Pittsburgh area. QEMETICA acquired PPG's silicas products business. While lay-offs and divestitures mark PPG’s near-term course, it has made notable leadership changes and expansions at its plants in Vietnam and Malaysia. With struggling stock performance, it is prophesized that the company will have a lengthy recovery path. Nonetheless, in Q3 2024, the company posted record earnings, although it did miss estimates. PPG also formed strategic agreements with Shaw Industries for resinous flooring products.
Ppg Industries PPG News Analytics from Mon, 26 Feb 2024 08:00:00 GMT to Fri, 20 Dec 2024 18:39:00 GMT -
Rating -5
- Innovation -4
- Information 7
- Rumor -3
