PPG Industries (PPG Quick QuotePPG - Free Report) has collaborated with industry partners to develop an innovative fouling-protection system for commercial vessels. The project is being funded by the European Union (EU). The group working on this project includes MACtac, Meyer Werft/ND Coatings, VertiDrive, Hamburg Ship Model Basin HSVA and PPG. 

 

The companies are working on producing an automatic application process for a fouling-release film to be used on commercial ships. This will provide owners and operators the chance to enjoy the Sigmaglide self-adhesive film’s features, including its drag-reduction capabilities. 

 

The eco-friendly Ship Hull film system with fouling Release and fuel-saving properties project, dubbed eSHaRk, looks to develop a state-of-the-art technology, superior to all other paint-based solutions in the industry. The solution aims to curb fuel costs and reduce greenhouse gas emissions by being more environment-friendly, robust and easy to apply, while generating additional drag-reduction effects. 

 

The companies which are part of this project complement each other to ensure the successful development of the system. This system will include Mactac’s self-adhesive film and is based on PPG’s 100% silicone binder technology, while VertiDrive is developing a robotized application technology. 

 

The system has been extensively tested in HSVA’s lab for flow channel. Its market entry will be supported by Meyer Werft after PPG conducts full-scale testing and validation. The trial applications have proved that it improves productivity and minimizes impact on the environment. However, the number of trials and size of test vessels used will be increased to scrupulously validate the system. 

 

The targeted launch date of the Sigmaglide fouling-release film solution being developed under the project eSHaRk is 2018. 

 

PPG has a diversified base of products and markets, and looks to grow its businesses strategically alongside controlling costs. The company continuously attempts to develop innovative products across all its segments. Recently, the company launched a solitude color collection in collaboration with interior designer Vincente Wolf and introduced a Trendcast Styling Directions 2016 toolkit. It has also been looking at expansion strategies, expanding the U.K. facility and the Oak Creek plant. 

 

PPG saw higher profits in the first quarter of 2016, aided by its cost-management initiatives and contributions from acquisitions. Adjusted earnings for the quarter beat the Zacks Consensus Estimate, while revenues missed expectations. The company raised its quarterly dividend by 11% and also reaffirmed its plans to deploy $2–$2.5 billion cash over 2015–2016 toward acquisitions and share repurchases.

 

PPG currently holds a Zacks Rank #2 (Buy). 

 

Some other favorably ranked companies in the chemical space include Innophos Holdings Inc , Innospec Inc. (IOSP Quick QuoteIOSP - Free Report) and BASF SE (BASFY Quick QuoteBASFY - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). 

 

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