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John Morikis Elected CEO of Sherwin Williams
FOCUS ($0.30/diluted share), for transaction-related costs and pension windups of $2 M ($0.01/ diluted share) each.
Original Source: PPG Industries, 15 Oct 2015, (website: http://www.ppg.com/) Copyright PPG Industries 2015
PPG reports 3Q 2015 Sales and Earnings: Industrial Coatings For PPG Industries' Industrial Coatings segment, net sales for 3Q 2015 were $1.35 bn, down 3% year-over-year. Segment sales volumes grew by 2% year-over-year, consistent with 3Q 2014. Acquisition-related sales added about $50 M to segment sales but were more than offset by unfavourable foreign currency translation, which reduced net sales by 8% or approximately $110 M year-over-year. The automotive original equipment manufacturer (OEM) coatings business delivered higher sales volumes in North America, Europe and Asia, growing in aggregate by a mid-single-digit percentage year-over-year, which was consistent with 3Q 2014 and exceeded the global quarterly industry growth rate of approximately 1%. Sales volumes in the industrial coatings and speciality coatings and materials businesses declined by about 2% year-over-year, matching 3Q 2014 performance, as global industrial demand remained tepid. Packaging coatings volumes exceeded those for the prior-year quarter by a mid- to high-singledigit percentage, including benefits from initial industry adoption of new PPG can coatings technologies. Total segment income was $241 M, up $1 M year-over-year. This increase was driven by the earnings impact from higher sales volumes and manufacturing cost improvements, partly offset by approximately $15 M in unfavourable foreign currency. In local currencies, segment income grew 7% year-over-year.
Original Source: PPG Industries, 15 Oct 2015, (website: http://www.ppg.com/) Copyright PPG Industries 2015
Asian Paints Consolidated Net Profit for 2Q FY 2016 Increases by 14.9% Asian Paints announced their financial results for 2Q FY 2016 and 1H FY 2016 ended 30 Sep 2015. For 2Q FY 2016 ended 30 Sep 2015, on consolidation of accounts of the subsidiaries and joint ventures of Asian Paints, income from operations has risen by 4.0% to 3779.4 crores from 3633.0 crores. Profit before depreciation interest and tax (PBDIT) for the group increased by 15.2% to 620.8 crores from 538.7 crores. Profit before tax (PBT) increased by 17.2% to 598.2 crores from 510.3 crores. Net profit after minority interest increased by 14.9% to 399.0 crores as compared to 347.3 crores in the previous corresponding period. The Board of Directors recommended the payment of an interim dividend of 2.20/share (220%). The company distributed an interim
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dividend of 1.80/share (180%) for 1H FY 2015. Total dividend of 6.10/share (610%) was distributed in FY 2015. The dividend pay-out ratio was 52.6% in FY 2015. For 1H FY 2016 ended 30 Sep 2015, Asian Paints Group income from operations has increased by 5.8% to 7402.8 crores from 6995.2 crores. PBDIT for the group has increased by 19.6% to 1304.3 crores from 1090.5 crores. PBT increased by 25.6% to 1277.0 crores from 1016.6 crores. Net profit after minority interest increased by 24.5% to 854.2 crores as compared to 686.0 crores in the previous corresponding period. For 2Q FY 2016 ended 30 Sep 2015, income from operations increased by 2.3% to 3064.7 crores from 2995.7 crores. PBDIT for 2Q FY 2016 increased by 11.4% to 538.9 crores from 483.6 crores. Net profit increased by 11.9% to 364.5 crores as compared to 325.7 crores in the previous corresponding period. For 1H FY 2016 ended 30 Sep 2015, income from operations increased by 4.6% to 6002.9 crores from 5736.4 crores. PBDIT for the period increased by 18.3% to 1144.8 crores from 968.1 crores. Net profit on a standalone basis increased by 24.9% to 792.3 crores as compared to 634.5 crores in the previous corresponding period. (1 crore = 10 M, 1 lakh = 100,000).
Original Source: Asian Paints, 23 Oct 2015, 12 (website: http://www.asianpaints.com/) Copyright Asian Paints Ltd 2015
AkzoNobel India Limited: Financial Results for the Quarter and Six Months Ended 30 Sep 2015 For the quarter, total income from operations amounted to Rup 6565.1 M, an increase from Rup 6067.1 M in the same quarter of 2014. Total expenses amounted to Rup 6103.8 M, up from Rup 5663.4 M. Total net profit for the period amounted to Rup 409.8 M, an increase from Rup 357.5 M. For segmentwise revenue, the coatings segment recorded revenue of Rup 6138.0 M. The others segment recorded revenue of Rup 427.1 M. For the six months ended 30 Sep 2015, total income from operations amounted to Rup 13,149.1 M, up from Rup 12,478.1 M in 2014. Total expenses amounted to Rup 12,081.8 M, an increase from Rup 11,542.7 M. Total net profit for the period amounted to Rup 862.9 M, down from Rup 909.3 M.
Original Source: Business Standard, 22 Oct 2015, 20 (50), I.16 (Website: http://www. business-standard.com) Copyright Business Standard Ltd 2015
C OAT I N G S CEO duties currently held by Chairman and CEO Christopher M. Connor. Connor, who has held the title of Chairman and CEO for the past 16 years, will remain at the company in the role of Executive Chairman. Morikis was also elected to the company's board of directors effective immediately. "This announcement today marks the successful culmination of a multi-year organizational succession plan to identify the absolute best candidate to assume leadership of the company,'' said Connor. "John has been an important member of our senior leadership team for many years and is one of the key architects of the company's current organizational structure and strategy. His success over the years is a direct result of focusing on customer needs, his in-depth knowledge of the coatings market and his dedication to hiring and developing terrific people. With this transition, John becomes only the ninth CEO in Sherwin-Williams' 150year history. He is the right leader, and he is surrounded by the right team, to take Sherwin-Williams to the next level.''
Original Source: Sherwin Williams, 19 October 2015, (website: http://www.sherwin-williams. com) Copyright Sherwin Williams 2015
DuPont Board of Directors names Edward D. Breen Chair and CEO The DuPont board of directors announced it has named Edward D. Breen the company's chair and chief executive officer (CEO), effective immediately. Breen has served as interim chair and CEO of DuPont since October 16, 2015, and joined the company's board in February 2015. "Ed Breen brings to DuPont an exceptional track record of business leadership and value creation. As a chief executive, he has consistently delivered superior returns through robust growth and portfolio strategies, across a range of industries. As a DuPont board member and interim chair and CEO, Ed has rapidly and actively engaged in advancing the transformation of DuPont,'' said Alexander M. Cutler, DuPont's lead independent director. "The board has concluded he is the right leader for the company. We could not be more pleased to appoint an executive of his experience and caliber to lead DuPont through its next stage of growth and achievement.''
Original Source: DuPont, 11 November 2015 (website: www.dupont.com) Copyright DuPont 2015
John Morikis Elected CEO of Sherwin Williams
Orion Acquires Evonik and DEG Shares in Chinese Carbon Black Joint Venture
The Sherwin-Williams Co. announced that its board of directors has elected John G. Morikis to serve as the company's next Chief Executive Officer (CEO), effective January 1, 2016. Morikis, who has served as SherwinWilliams' President and Chief Operating Officer since October 2006, will assume the
Orion Engineered Carbons S.A. and Evonik Industries AG announced agreements on transactions where Orion will acquire Evonik's 52% percent stake as well as Deutsche Investitions- und Entwicklungsgesellschaft mbH's (DEG) 15% stake in Qingdao Evonik Chemical Co., Ltd. (QECC).
December 2015
Original Source: PPG Industries, 15 Oct 2015, (website: http://www.ppg.com/) Copyright PPG Industries 2015
PPG reports 3Q 2015 Sales and Earnings: Industrial Coatings For PPG Industries' Industrial Coatings segment, net sales for 3Q 2015 were $1.35 bn, down 3% year-over-year. Segment sales volumes grew by 2% year-over-year, consistent with 3Q 2014. Acquisition-related sales added about $50 M to segment sales but were more than offset by unfavourable foreign currency translation, which reduced net sales by 8% or approximately $110 M year-over-year. The automotive original equipment manufacturer (OEM) coatings business delivered higher sales volumes in North America, Europe and Asia, growing in aggregate by a mid-single-digit percentage year-over-year, which was consistent with 3Q 2014 and exceeded the global quarterly industry growth rate of approximately 1%. Sales volumes in the industrial coatings and speciality coatings and materials businesses declined by about 2% year-over-year, matching 3Q 2014 performance, as global industrial demand remained tepid. Packaging coatings volumes exceeded those for the prior-year quarter by a mid- to high-singledigit percentage, including benefits from initial industry adoption of new PPG can coatings technologies. Total segment income was $241 M, up $1 M year-over-year. This increase was driven by the earnings impact from higher sales volumes and manufacturing cost improvements, partly offset by approximately $15 M in unfavourable foreign currency. In local currencies, segment income grew 7% year-over-year.
Original Source: PPG Industries, 15 Oct 2015, (website: http://www.ppg.com/) Copyright PPG Industries 2015
Asian Paints Consolidated Net Profit for 2Q FY 2016 Increases by 14.9% Asian Paints announced their financial results for 2Q FY 2016 and 1H FY 2016 ended 30 Sep 2015. For 2Q FY 2016 ended 30 Sep 2015, on consolidation of accounts of the subsidiaries and joint ventures of Asian Paints, income from operations has risen by 4.0% to 3779.4 crores from 3633.0 crores. Profit before depreciation interest and tax (PBDIT) for the group increased by 15.2% to 620.8 crores from 538.7 crores. Profit before tax (PBT) increased by 17.2% to 598.2 crores from 510.3 crores. Net profit after minority interest increased by 14.9% to 399.0 crores as compared to 347.3 crores in the previous corresponding period. The Board of Directors recommended the payment of an interim dividend of 2.20/share (220%). The company distributed an interim
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dividend of 1.80/share (180%) for 1H FY 2015. Total dividend of 6.10/share (610%) was distributed in FY 2015. The dividend pay-out ratio was 52.6% in FY 2015. For 1H FY 2016 ended 30 Sep 2015, Asian Paints Group income from operations has increased by 5.8% to 7402.8 crores from 6995.2 crores. PBDIT for the group has increased by 19.6% to 1304.3 crores from 1090.5 crores. PBT increased by 25.6% to 1277.0 crores from 1016.6 crores. Net profit after minority interest increased by 24.5% to 854.2 crores as compared to 686.0 crores in the previous corresponding period. For 2Q FY 2016 ended 30 Sep 2015, income from operations increased by 2.3% to 3064.7 crores from 2995.7 crores. PBDIT for 2Q FY 2016 increased by 11.4% to 538.9 crores from 483.6 crores. Net profit increased by 11.9% to 364.5 crores as compared to 325.7 crores in the previous corresponding period. For 1H FY 2016 ended 30 Sep 2015, income from operations increased by 4.6% to 6002.9 crores from 5736.4 crores. PBDIT for the period increased by 18.3% to 1144.8 crores from 968.1 crores. Net profit on a standalone basis increased by 24.9% to 792.3 crores as compared to 634.5 crores in the previous corresponding period. (1 crore = 10 M, 1 lakh = 100,000).
Original Source: Asian Paints, 23 Oct 2015, 12 (website: http://www.asianpaints.com/) Copyright Asian Paints Ltd 2015
AkzoNobel India Limited: Financial Results for the Quarter and Six Months Ended 30 Sep 2015 For the quarter, total income from operations amounted to Rup 6565.1 M, an increase from Rup 6067.1 M in the same quarter of 2014. Total expenses amounted to Rup 6103.8 M, up from Rup 5663.4 M. Total net profit for the period amounted to Rup 409.8 M, an increase from Rup 357.5 M. For segmentwise revenue, the coatings segment recorded revenue of Rup 6138.0 M. The others segment recorded revenue of Rup 427.1 M. For the six months ended 30 Sep 2015, total income from operations amounted to Rup 13,149.1 M, up from Rup 12,478.1 M in 2014. Total expenses amounted to Rup 12,081.8 M, an increase from Rup 11,542.7 M. Total net profit for the period amounted to Rup 862.9 M, down from Rup 909.3 M.
Original Source: Business Standard, 22 Oct 2015, 20 (50), I.16 (Website: http://www. business-standard.com) Copyright Business Standard Ltd 2015
C OAT I N G S CEO duties currently held by Chairman and CEO Christopher M. Connor. Connor, who has held the title of Chairman and CEO for the past 16 years, will remain at the company in the role of Executive Chairman. Morikis was also elected to the company's board of directors effective immediately. "This announcement today marks the successful culmination of a multi-year organizational succession plan to identify the absolute best candidate to assume leadership of the company,'' said Connor. "John has been an important member of our senior leadership team for many years and is one of the key architects of the company's current organizational structure and strategy. His success over the years is a direct result of focusing on customer needs, his in-depth knowledge of the coatings market and his dedication to hiring and developing terrific people. With this transition, John becomes only the ninth CEO in Sherwin-Williams' 150year history. He is the right leader, and he is surrounded by the right team, to take Sherwin-Williams to the next level.''
Original Source: Sherwin Williams, 19 October 2015, (website: http://www.sherwin-williams. com) Copyright Sherwin Williams 2015
DuPont Board of Directors names Edward D. Breen Chair and CEO The DuPont board of directors announced it has named Edward D. Breen the company's chair and chief executive officer (CEO), effective immediately. Breen has served as interim chair and CEO of DuPont since October 16, 2015, and joined the company's board in February 2015. "Ed Breen brings to DuPont an exceptional track record of business leadership and value creation. As a chief executive, he has consistently delivered superior returns through robust growth and portfolio strategies, across a range of industries. As a DuPont board member and interim chair and CEO, Ed has rapidly and actively engaged in advancing the transformation of DuPont,'' said Alexander M. Cutler, DuPont's lead independent director. "The board has concluded he is the right leader for the company. We could not be more pleased to appoint an executive of his experience and caliber to lead DuPont through its next stage of growth and achievement.''
Original Source: DuPont, 11 November 2015 (website: www.dupont.com) Copyright DuPont 2015
John Morikis Elected CEO of Sherwin Williams
Orion Acquires Evonik and DEG Shares in Chinese Carbon Black Joint Venture
The Sherwin-Williams Co. announced that its board of directors has elected John G. Morikis to serve as the company's next Chief Executive Officer (CEO), effective January 1, 2016. Morikis, who has served as SherwinWilliams' President and Chief Operating Officer since October 2006, will assume the
Orion Engineered Carbons S.A. and Evonik Industries AG announced agreements on transactions where Orion will acquire Evonik's 52% percent stake as well as Deutsche Investitions- und Entwicklungsgesellschaft mbH's (DEG) 15% stake in Qingdao Evonik Chemical Co., Ltd. (QECC).
December 2015