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PPG cuts 2000 jobs in Europe
FOCUS raising prices by an average of 2% to 10% on all its liquid, powder and electrocoat products in the Asia/Pacific region, effective 1 Apr 2012 or as permissible by contract. PPG Industries has experienced ongoing and significant cost escalation for a majority of its raw materials, especially titanium dioxide and resins. PPG Industries will continue to implement cost-control measures throughout its operations, and to aggressively negotiate pricing with suppliers, but the pressures it is facing make this price increase unavoidable. Sales representatives will communicate price increase details to their customers for all products affected. PPG Industries’ vision is to continue to be the world’s leading coatings and speciality products company. Original Source: PPG Industries Inc, One PPG Place Pittsburgh, PA 15272, USA, tel: +1 412 434 3131, website: http://www.ppg.com (5 Apr 2012) © PPG Industries 2012
PPG reports 1Q 2012 earnings PPG Industries reported financial results for 1Q 2012. PPG Industries posted net sales for 1Q 2012 of $3.8 bn (+6% over $3.5 bn in 1Q 2012) Research and development expenses for 1Q 2012 were $962 M ($900 M in 1Q 2011). Net income for 1Q 2012 was $13 M, or $0.08/common share (net income of $228 M, or $1.42/common share in 1Q 2011). Performance Coatings segment sales in 1Q 2012 were $1.2 bn ($1.1 bn in 1Q 2011). Industrial coatings segment sales in 1Q 2012 were $1.1 bn (+5% over $1 bn in 1Q 2011). Architectural coatings EMEA (Europe, Middle East and Africa) segment sales for 1Q 2012 were $517 M (+10% over $471 M in 1Q 2011). The financial figures for the company are presented in tables. Original Source: PPG Industries Inc, One PPG Place Pittsburgh, PA 15272, USA, tel: +1 412 434 3131, website: http://www.ppg.com (19 Apr 2012) © PPG Industries 2012
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PPG provides 1Q 2012 earnings guidance PPG Industries, expected 1Q 2012 operating results provide further evidence of the continuing strength and consistent earnings growth potential of its business portfolio. During 1Q 2012, the company saw the overall pace of business activity improve compared with 4Q 2011. This trend was aided by modest customer restocking and normal seasonal factors. Lower natural gas costs in the US are also contributing to the company’s results. In general, business conditions during 1Q 2012 were strong in North America and solid in Asia and other emerging regions. PPG benefited from yearover-year growth in several enduse markets, including aerospace, optical, automotive OEM (original equipment manufacturer) and industrial. Also, its architectural coatings business in the US benefited from early signs of a construction recovery and mild winter weather, but overall industry demand remained well below historical levels. Lastly, demand in Europe was muted, and PPG Industries expects economic recovery to occur slowly in that region. Original Source: PPG Industries Inc, One PPG Place Pittsburgh, PA 15272, USA, tel: +1 412 434 3131, website: http://www.ppg.com (5 Apr 2012) © PPG Industries 2012
PPG cuts 2000 jobs in Europe US coatings manufacturer PPG plans to cut 2000 jobs. The measure will primarily affect the building paints business in Europe. The company aims to adjust the cost structures in this business sector to remain competitive in the global market. PPG plans to save between $40-50 M with these measures in 2012. Once all the measures are implemented the cost-savings will amount to ca $140 M/y. The company reports a muted demand for coatings in Europe which is expected to recover
C O AT I N G S slowly in view of the European debt crisis. However the demand for automotive coatings, aerospace coatings and industrial coatings remains strong in other regions. Original Source: Farbe und Lack (Online Version) 10 Apr 2012, (Website: http://www.farbeundlack.de/) (in German) © Vincentz Network 2012
PPG plans 2000 jobs cuts, mainly in Europe The US coatings giant PPG is to implement a major restructuring programme which will reduce its workforce by 5%. This involves 2000 posts out of a total 38,400. Although no details have been published, PPG has indicated that its Architectural Coatings division is likely to be a major target. Europe will be the focus as the US architectural coatings business has shown signs of a recovery. PPG is allocating $208 M (€158 M) for restructuring charges, mainly applying to 2012 but some for 2013. The group expects savings of $140 M ($40-50 M from 2012). PPG’s Architectural Coatings division increased its sales by 12% in 2011 to $2.10 bn. A pie chart gives PPG turnover by activity sector in 2011. A total of $14.89 bn was split: performance coatings 31%, industrial coatings 28%, architectural coatings Europe, Middle East and Africa 14%, commodity products 12%, optical and speciality materials 8% and glass 7%. Original Source: Chimie Pharma Hebdo, 16 Apr 2012, (589), 4 (Website: http://www.industrie.com/chimie/) (in French) © ETAI Information 2012
Dow closes 4 plants and mothballs one US company Dow Chemicals will close down production facilities on 3 continents with the loss of 900 jobs. The closures will affect the facilities in Portugal, Hungary, Brazil and the US. In addition to this Dow will mothball a facility in the Netherlands. Dow has cut more than 10,000 jobs since the JUNE 2012
PPG reports 1Q 2012 earnings PPG Industries reported financial results for 1Q 2012. PPG Industries posted net sales for 1Q 2012 of $3.8 bn (+6% over $3.5 bn in 1Q 2012) Research and development expenses for 1Q 2012 were $962 M ($900 M in 1Q 2011). Net income for 1Q 2012 was $13 M, or $0.08/common share (net income of $228 M, or $1.42/common share in 1Q 2011). Performance Coatings segment sales in 1Q 2012 were $1.2 bn ($1.1 bn in 1Q 2011). Industrial coatings segment sales in 1Q 2012 were $1.1 bn (+5% over $1 bn in 1Q 2011). Architectural coatings EMEA (Europe, Middle East and Africa) segment sales for 1Q 2012 were $517 M (+10% over $471 M in 1Q 2011). The financial figures for the company are presented in tables. Original Source: PPG Industries Inc, One PPG Place Pittsburgh, PA 15272, USA, tel: +1 412 434 3131, website: http://www.ppg.com (19 Apr 2012) © PPG Industries 2012
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PPG provides 1Q 2012 earnings guidance PPG Industries, expected 1Q 2012 operating results provide further evidence of the continuing strength and consistent earnings growth potential of its business portfolio. During 1Q 2012, the company saw the overall pace of business activity improve compared with 4Q 2011. This trend was aided by modest customer restocking and normal seasonal factors. Lower natural gas costs in the US are also contributing to the company’s results. In general, business conditions during 1Q 2012 were strong in North America and solid in Asia and other emerging regions. PPG benefited from yearover-year growth in several enduse markets, including aerospace, optical, automotive OEM (original equipment manufacturer) and industrial. Also, its architectural coatings business in the US benefited from early signs of a construction recovery and mild winter weather, but overall industry demand remained well below historical levels. Lastly, demand in Europe was muted, and PPG Industries expects economic recovery to occur slowly in that region. Original Source: PPG Industries Inc, One PPG Place Pittsburgh, PA 15272, USA, tel: +1 412 434 3131, website: http://www.ppg.com (5 Apr 2012) © PPG Industries 2012
PPG cuts 2000 jobs in Europe US coatings manufacturer PPG plans to cut 2000 jobs. The measure will primarily affect the building paints business in Europe. The company aims to adjust the cost structures in this business sector to remain competitive in the global market. PPG plans to save between $40-50 M with these measures in 2012. Once all the measures are implemented the cost-savings will amount to ca $140 M/y. The company reports a muted demand for coatings in Europe which is expected to recover
C O AT I N G S slowly in view of the European debt crisis. However the demand for automotive coatings, aerospace coatings and industrial coatings remains strong in other regions. Original Source: Farbe und Lack (Online Version) 10 Apr 2012, (Website: http://www.farbeundlack.de/) (in German) © Vincentz Network 2012
PPG plans 2000 jobs cuts, mainly in Europe The US coatings giant PPG is to implement a major restructuring programme which will reduce its workforce by 5%. This involves 2000 posts out of a total 38,400. Although no details have been published, PPG has indicated that its Architectural Coatings division is likely to be a major target. Europe will be the focus as the US architectural coatings business has shown signs of a recovery. PPG is allocating $208 M (€158 M) for restructuring charges, mainly applying to 2012 but some for 2013. The group expects savings of $140 M ($40-50 M from 2012). PPG’s Architectural Coatings division increased its sales by 12% in 2011 to $2.10 bn. A pie chart gives PPG turnover by activity sector in 2011. A total of $14.89 bn was split: performance coatings 31%, industrial coatings 28%, architectural coatings Europe, Middle East and Africa 14%, commodity products 12%, optical and speciality materials 8% and glass 7%. Original Source: Chimie Pharma Hebdo, 16 Apr 2012, (589), 4 (Website: http://www.industrie.com/chimie/) (in French) © ETAI Information 2012
Dow closes 4 plants and mothballs one US company Dow Chemicals will close down production facilities on 3 continents with the loss of 900 jobs. The closures will affect the facilities in Portugal, Hungary, Brazil and the US. In addition to this Dow will mothball a facility in the Netherlands. Dow has cut more than 10,000 jobs since the JUNE 2012