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PPG Industries Inc. (PPG - Analyst Report) announced that its aerospace products and services business donated the latest technology, Desothane HD basecoat/clearcoat, for repainting the first Dassault Mystere 20 production aircraft.

The Mystere 20 production aircraft was restored by IT Mercure, a nonprofit aircraft restoration association. The restoration was done for the 50th anniversary celebration of its first flight. STTS Group, Europe’s largest specialist aerospace painting and sealing company, repainted the Mystere 20 jet at its Le Bourget facility.

The Mystere 20 aircraft will be on display at Le Bourget in front of the Advanced Air Support hangar, just outside the show’s static display area. After the show, the Mystere 20 will return to its permanent display at France premium national air and space museum.

PPG offered its latest and best technology, Desothane HD/CA 9008 basecoat/clearcoat because of its aesthetic application, performance and environmental benefits of Mystere 20, which was the best business jet of its age. The painters applied it on a very tight schedule and the aircraft was painted white, red, blue and black with silver metallic wings and belly to recreate the flight-test livery, then clear-coated for enhanced durability and increased color and gloss retention.

Desothane HD/CA 9008 basecoat/clearcoat consists of high solids and are chromate free, and have a heavily pigmented basecoat that provides color in one coat, instead of the conventional two or three coats, thus saving both material and application time. The clearcoat provides extended service life, improved buffability and a smoother surface that is easier to clean.

PPG Industries has a diversified business, both in terms of products offered and geographical presence. It has a leading position in several paints and coatings end markets. The company caters to the aviation industry through its aerospace products and services business – PPG Aerospace – a global supplier with 18 coatings facilities across the planet.

PPG Industries released its first quarter 2013 results in Apr 2013. The company beat earnings expectations in the quarter buoyed by continued momentum across automotive OEM and aerospace markets. It posted earnings from continuing operations (excluding one-time items) of $1.58 a share in the quarter, which beat the Zacks Consensus Estimate of $1.56. The adjusted earnings exclude pension and environmental costs, acquisition expenses and tax-related gains.

Consolidated profit, as reported, zoomed to around $2.4 billion or $16.31 per share from $13 million or $0.08 earned in the prior-year quarter. The bottom line was boosted by a one-time gain on sale of the commodity chemicals business.

Reported profit from continued operation was $219 million or $1.48 a share versus a loss of $50 million or $0.32 a year ago. Revenues were essentially flat year over year at $3,331 million, missing the Zacks Consensus Estimate of $3,424 million.

PPGIndustries currently holds a short-term Zacks Rank #2 (Buy). Other companies in the chemical space that are worth considering include Methanex Corp (MEOH - Analyst Report), BASF SE (BASFY) and FMC Corp. (FMC - Analyst Report). While Methanex retains a Zacks Rank #1 (Strong Buy), BASF and FMC retain a Zacks Rank #2 (Buy).

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