We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PPG Industries (PPG) to Upgrade Chester Fiber Glass Facility
Read MoreHide Full Article
PPG Industries (PPG - Free Report) has announced its decision to upgrade its fiber glass manufacturing facility in Chester, SC by investing $20 million.
The facility currently employs over 150 people to produce direct-draw fiber glass products. These products are used in filament winding, pultrusion, long-fiber thermoplastics and wind energy applications. PPG Industries intends to provide customers with access to the best fiber glass manufacturing technology available post the upgradation of its facility.
PPG Industries will utilize the investment to repair the production furnace, finished good packing operation as well as part of the facility’s support infrastructure. The project is expected to be completed by the end of 2016.
Shares of PPG Industries rose around 0.6% to close at $104.33 on Aug 3.
Recently, PPG Industries announced its definitive agreement with Vitro S.A.B. de C.V. for the sale of its flat glass manufacturing and glass coatings operations’ assets for roughly $750 million in gross cash proceeds. PPG Industries will entirely divest the flat glass manufacturing and glass coatings business per the agreement. The transaction is expected to be completed by year-end 2016. Prior to this announcement, the company had also stated its decision to divest its European fiber glass operations.
In second-quarter 2016, PPG Industries’ adjusted earnings of $1.85 per share were up 10.8% year over year. Sales in the quarter were fairly consistent with the prior-year quarter, at $4,064 million. While earnings beat the Zacks Consensus Estimate, sales trailed the same. The bottom line was primarily boosted by the successful commercialization of innovative new products, strong business and cost management as well as earnings-accretive cash deployment.
Glass segment sales in second-quarter 2016 rose 1.1% year over year to $282 million. Improved average selling price partly offset unfavorable currency translation. The fiber glass industry grew modestly by varying degrees in each region. The segment’s income was 16.2% higher year over year, at $43 million.
PPG Industries currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the chemical space include Shin-Etsu Chemical Co., Ltd. (SHECY - Free Report) , Stepan Company (SCL - Free Report) and Innospec Inc. (IOSP - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
PPG Industries (PPG) to Upgrade Chester Fiber Glass Facility
PPG Industries (PPG - Free Report) has announced its decision to upgrade its fiber glass manufacturing facility in Chester, SC by investing $20 million.
The facility currently employs over 150 people to produce direct-draw fiber glass products. These products are used in filament winding, pultrusion, long-fiber thermoplastics and wind energy applications. PPG Industries intends to provide customers with access to the best fiber glass manufacturing technology available post the upgradation of its facility.
PPG Industries will utilize the investment to repair the production furnace, finished good packing operation as well as part of the facility’s support infrastructure. The project is expected to be completed by the end of 2016.
PPG INDS INC Price
PPG INDS INC Price | PPG INDS INC Quote
Shares of PPG Industries rose around 0.6% to close at $104.33 on Aug 3.
Recently, PPG Industries announced its definitive agreement with Vitro S.A.B. de C.V. for the sale of its flat glass manufacturing and glass coatings operations’ assets for roughly $750 million in gross cash proceeds. PPG Industries will entirely divest the flat glass manufacturing and glass coatings business per the agreement. The transaction is expected to be completed by year-end 2016. Prior to this announcement, the company had also stated its decision to divest its European fiber glass operations.
In second-quarter 2016, PPG Industries’ adjusted earnings of $1.85 per share were up 10.8% year over year. Sales in the quarter were fairly consistent with the prior-year quarter, at $4,064 million. While earnings beat the Zacks Consensus Estimate, sales trailed the same. The bottom line was primarily boosted by the successful commercialization of innovative new products, strong business and cost management as well as earnings-accretive cash deployment.
Glass segment sales in second-quarter 2016 rose 1.1% year over year to $282 million. Improved average selling price partly offset unfavorable currency translation. The fiber glass industry grew modestly by varying degrees in each region. The segment’s income was 16.2% higher year over year, at $43 million.
PPG Industries currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the chemical space include Shin-Etsu Chemical Co., Ltd. (SHECY - Free Report) , Stepan Company (SCL - Free Report) and Innospec Inc. (IOSP - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>