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PPG Industries, Inc. (PPG - Free Report) recently completed the purchase of all the shares of Tikkurila. Shareholders of Tikkurila were given €34 (around $41) each in cash for each of the 38,711,646 million shares of Tikkurila tendered.
Along with the shares acquired earlier, PPG now controls 97.1% of Tikkurila’s issued and outstanding shares. The rest 2.9% will be acquired through a squeeze out process, which will be initiated soon.
Tikkurila employs around 2,400 people globally and reported sales of roughly €582 (around $706) million in 2020.
The Tikkurila buyout expands PPG’s Industries’ portfolio and provides customers with a wider range of paint and coatings options. The company will also benefit from Tikkurila’s presence in several northern and eastern European countries, where it has minimal footing.
Tikkurila noted that its combination with PPG will give consumers access to a broader portfolio of new technologies and resources. It is working with the PPG Industries’ team to leverage its scale and industry expertise to accelerate development.
Shares of PPG Industries have rallied 67.4% in the past year compared with 53.2% rise of the industry.
Image Source: Zacks Investment Research
PPG Industries, in its last earnings call, stated that it expects overall global coatings demand to continue to be broad-based in many of its end-use markets, including an eventual replenishment of many of its customers’ inventories.
The company also expects to achieve further sales growth and earnings accretion from its recent acquisitions. It expects sequential net sales to rise a low-teen percentage in the second quarter compared with first-quarter levels and in line with historical pre-pandemic sequential quarterly changes.
PPG Industries anticipates structural cost savings from restructuring actions of roughly $30 million year over year in the second quarter. The company also sees adjusted earnings for the second quarter to be $2.15 -$2.2 per share.
PPG Industries currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 260% for the current year. The company’s shares have surged 130.3% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 264% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 126% for the current fiscal. The company’s shares have surged 59.9% in the past year. It currently sports a Zacks Rank #1.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
PPG Industries (PPG) Acquires Tikkurila, Expands Portfolio
PPG Industries, Inc. (PPG - Free Report) recently completed the purchase of all the shares of Tikkurila. Shareholders of Tikkurila were given €34 (around $41) each in cash for each of the 38,711,646 million shares of Tikkurila tendered.
Along with the shares acquired earlier, PPG now controls 97.1% of Tikkurila’s issued and outstanding shares. The rest 2.9% will be acquired through a squeeze out process, which will be initiated soon.
Tikkurila employs around 2,400 people globally and reported sales of roughly €582 (around $706) million in 2020.
The Tikkurila buyout expands PPG’s Industries’ portfolio and provides customers with a wider range of paint and coatings options. The company will also benefit from Tikkurila’s presence in several northern and eastern European countries, where it has minimal footing.
Tikkurila noted that its combination with PPG will give consumers access to a broader portfolio of new technologies and resources. It is working with the PPG Industries’ team to leverage its scale and industry expertise to accelerate development.
Shares of PPG Industries have rallied 67.4% in the past year compared with 53.2% rise of the industry.
PPG Industries, in its last earnings call, stated that it expects overall global coatings demand to continue to be broad-based in many of its end-use markets, including an eventual replenishment of many of its customers’ inventories.
The company also expects to achieve further sales growth and earnings accretion from its recent acquisitions. It expects sequential net sales to rise a low-teen percentage in the second quarter compared with first-quarter levels and in line with historical pre-pandemic sequential quarterly changes.
PPG Industries anticipates structural cost savings from restructuring actions of roughly $30 million year over year in the second quarter. The company also sees adjusted earnings for the second quarter to be $2.15 -$2.2 per share.
PPG Industries, Inc. Price and Consensus
PPG Industries, Inc. price-consensus-chart | PPG Industries, Inc. Quote
Zacks Rank & Other Key Picks
PPG Industries currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 260% for the current year. The company’s shares have surged 130.3% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 264% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 126% for the current fiscal. The company’s shares have surged 59.9% in the past year. It currently sports a Zacks Rank #1.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>