Coatings giant PPG Industries Inc. (PPG - Free Report) has been awarded for its “significant achievements” in organic light-emitting diode (OLED) lighting technology at the 2013 Solid-State Lighting (SSL) R&D Workshop in Long Beach, Calif. The award was presented by the U.S. Department of Energy (DOE).
PPG Industries was the only company recognized for its achievements in OLED lighting at the workshop that assembled nearly 300 researchers, manufacturers and industry insiders who promoted the latest developments in SSL technology.
PPG Industries’ new advances in the light-extraction technologies emanated from a two-year project initiated with the DOE in 2010 to promote the commercialization and mass production of OLED lighting. At the workshop, PPG Industries demonstrated a float glass-based integrated substrate with scalable light-extraction technologies and transparent conductive films for OLED lighting applications.
PPG Industries’ use of float glass-based integrated substrate is more cost effective as it reduces energy consumption in the U.S. and provides elevated performances over the conventional indium tin oxide (ITO)-coated display-grade glass substrates. Moreover, PPG Industries’ light-extraction technologies are compatible with the conventional float glass manufacturing process.
The OLED lights are preferred as it has the potential to emit four times as much light per watt as incandescent bulbs. Commercial use of these OLED lights will reduce energy consumption in homes, buildings and workplaces worldwide.
PPG Industries released its fourth-quarter 2012 results on Jan 14. PPG Industries met the earnings expectation in the quarter while continued momentum across automotive OEM and aerospace markets helped it to post better-than-expected sales in the quarter.
PPG Industries sees mixed economic trends in 2013 with continued strength in North America, improvements in Asia and sustained weakness in Europe. PPG Industries has a diversified base of products and markets, and looks to grow its businesses strategically along with controlling costs. However, the European market is expected to remain under pressure and currency headwinds may continue to weigh on the company’s results.
PPG Industries currently holds a short-term Zacks Rank #3 (Hold).
Other companies in the chemical industry worth considering are Air Products & Chemicals Inc. (APD - Free Report) , Akzo Nobel NV (AKZOY - Free Report) and Eastman Chemical Company (EMN - Free Report) . All of them hold a Zacks Rank #2 (Buy).