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PPG reaches agreement to acquire Romanian paint and coatings manufacturer DEUTEK
FOCUS Germany due to growing market demand. This investment supports Axalta's powder coatings growth strategy and follows progress in its powder coating business in Eastern Europe coupled with increased demand from Central Europe. It is the second investment to expand powder production in the Europe, Middle East and Africa (EMEA) region this year. The first was at Axalta's Montbrison, France, facility in April 2016, which saw lean automation and upgraded production technology appreciably increase line capacity and productivity. The investments in Montbrison and in Landshut demonstrate Axalta's commitment over the past two years to further develop capacity and increase productivity in the manufacture of its coatings around the world in order to meet its customers' needs. The expansion project in Landshut consists of three phases, and is due to be completed by the end of March 2017. Phases one and two concluded at the end of 2015 and in March 2016 respectively.
Original Source: Axalta, 2016. Found on SpecialChem Coatings and Inks Formulation, 7 Dec 2016, (Website: http://www. specialchem4coatings.com) Copyright Axalta Coating Systems 2016.
PPG Announces Restructuring Actions to Reduce Global Cost Structure PPG has announced that its board of directors approved significant and broad restructuring actions to reduce its global cost structure. The actions are focused on certain regions and end-use markets where business conditions are weakest, and they are targeting structural reductions in operating, functional and administrative costs. "Because of continued slow overall growth in global demand, we are taking decisive action to adjust our cost structure,'' said Michael H. McGarry, PPG chairman and chief executive officer. "These measures will better align our resources with anticipated ongoing business conditions and will keep PPG competitive in the end-markets in which we participate. Even with this broad effort to reduce our total costs, we remain committed to continued investment in growth-related initiatives and in geographies with continued growth potential.'' PPG will record a pretax restructuring charge of $190 million to $200 million, or 53-58 cents per diluted share, in the fourth quarter 2016, of which approximately $140 million represents cash costs and $50 million to $60 million is related to the write-down of certain assets and other non-cash costs. Of the approximately $140 million total cash outlay, about $110 million is expected in 2017, with the balance to occur in 2018. In addition to the aforementioned pretax charge and cash costs, approximately $15 million of incremental restructuring-related cash costs are expected during 2017, for certain items that are required to be
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expensed on an as-incurred basis. When completed, the company expects the restructuring actions to generate $120 million to $130 million in annual savings, with $40 million to $50 million of savings projected to be realized in 2017 and the remainder of the expected annual savings to be substantially realized by year-end 2018.
Original Source: PPG Industries, 2016. Found on SpecialChem Coatings and Inks Formulation, 12 Dec 2016, (Website: http:// www.specialchem4coatings.com) Copyright PPG Industries 2016.
Dunn-Edwards Paints Signs Merger with Nippon Paint Dunn-Edwards Corporation, one of the nation's largest independent manufacturers of architectural, industrial and high performance paints, announced it has entered into a merger agreement with Nippon Paint Holdings Co., Ltd., the world's fourth largest paint company with $4.8 billion in sales, and certain of its subsidiaries. Osaka, Japan-based Nippon Paint will maintain the Dunn-Edwards brand and its range of quality paints. The merger with Dunn-Edwards provides Nippon Paint with a platform for growth throughout the U.S. "This is an extraordinary opportunity for both companies,'' said Karl Altergott, CEO of the Los Angeles-based Dunn-Edwards. "We will continue business as usual as DunnEdwards, producing our superior paint and maintaining our culture that we've embraced for 91 years. Plus, we'll have an influx of resources, new coatings technology and an opportunity to grow with a financially strong global leader.''
Original Source: Coatings World, Dec 22, 2016, (Website: http://www.coatingsworld. com), Copyright Rodman Media 2016.
PPG reaches agreement to acquire Romanian paint and coatings manufacturer DEUTEK PPG has reached an agreement with the Emerging Europe Accession Fund (EEAF) to acquire DEUTEK SA, a leading Romanian paint and architectural coatings manufacturer. PPG expects the transaction to close in 1Q 2017, following the receipt of regulatory approvals and satisfaction of customary closing conditions. Financial terms were not disclosed. DEUTEK manufactures and markets a large portfolio of well-known professional and consumer paint brands, including OSKAR and Danke. The company's products are sold in more than 120 do-ityourself stores and 3500 independent retail outlets in Romania. DEUTEK, which is currently owned by EEAF, reported sales of €30 M in 2015.
Original Source: PPG Industries, 1 Nov 2016, (Website: http://www.ppg.com), Copyright PPG Industries 2016
C OAT I N G S Sun Chemical and the DIC Corporation acquire Gwent Electronic Materials Ltd Sun Chemical and its parent company, DIC, have acquired Gwent Electronic Materials Ltd, a leading manufacturer of conductive inks, pastes and powders for the printed electronic market. With the acquisition of the UK -based company, Sun Chemical will expand its leading global position in the printed electronics marketplace. By combining Gwent's complementary portfolio of products with Sun Chemical, customers will benefit from further innovative solutions for advanced printed electronics applications. Gwent's European-based production sites will also enhance Sun Chemical's global conductive ink, paste and powder manufacturing capabilities while allowing further penetration into developing markets.
Original Source: SunChemical, 25 Oct 2016, (Website: http://www.sunchemical.com/), Copyright Sun Chemical Group Cooperatief UA 2016.
Valspar Reports Fiscal Fourth Quarter 2016 and Year-End Results The Valspar Corporation has reported fiscal fourth quarter 2016 (ended October 28, 2016) net sales of $1.11 billion, a decrease of 4 percent over the prior year period. This includes the effects of foreign currency translation that negatively impacted net sales by 1 percent. Fiscal fourth quarter 2016 net income of $104 million and earnings per diluted share (EPS) of $1.27 both increased 1 percent. Fiscal fourth quarter 2016 net income of $104 million includes the impact of the following after-tax items: restructuring and other asset-related charges of approximately $5 million and expenses related to the proposed merger with The Sherwin-Williams Company of approximately $3 million. In total, these items negatively impacted fiscal fourth quarter 2016 diluted EPS by approximately $0.10. Fiscal fourth quarter 2015 net income of $102 million included the impact of the following after-tax items: restructuring charges of approximately $6 million and acquisition charges of approximately $1 million. In total, these items negatively impacted fiscal fourth quarter 2015 diluted EPS by approximately $0.08.
Original Source: Coatings World, Dec 21, 2016, (Website: http://www.coatingsworld. com), Copyright Rodman Media 2016.
BASF Completes Sale of its Industrial Coatings Business to AkzoNobel AkzoNobel has finalized the acquisition of BASF's global Industrial Coatings business, which supplies a range of products for industries including construction, domestic
January 2017
Original Source: Axalta, 2016. Found on SpecialChem Coatings and Inks Formulation, 7 Dec 2016, (Website: http://www. specialchem4coatings.com) Copyright Axalta Coating Systems 2016.
PPG Announces Restructuring Actions to Reduce Global Cost Structure PPG has announced that its board of directors approved significant and broad restructuring actions to reduce its global cost structure. The actions are focused on certain regions and end-use markets where business conditions are weakest, and they are targeting structural reductions in operating, functional and administrative costs. "Because of continued slow overall growth in global demand, we are taking decisive action to adjust our cost structure,'' said Michael H. McGarry, PPG chairman and chief executive officer. "These measures will better align our resources with anticipated ongoing business conditions and will keep PPG competitive in the end-markets in which we participate. Even with this broad effort to reduce our total costs, we remain committed to continued investment in growth-related initiatives and in geographies with continued growth potential.'' PPG will record a pretax restructuring charge of $190 million to $200 million, or 53-58 cents per diluted share, in the fourth quarter 2016, of which approximately $140 million represents cash costs and $50 million to $60 million is related to the write-down of certain assets and other non-cash costs. Of the approximately $140 million total cash outlay, about $110 million is expected in 2017, with the balance to occur in 2018. In addition to the aforementioned pretax charge and cash costs, approximately $15 million of incremental restructuring-related cash costs are expected during 2017, for certain items that are required to be
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expensed on an as-incurred basis. When completed, the company expects the restructuring actions to generate $120 million to $130 million in annual savings, with $40 million to $50 million of savings projected to be realized in 2017 and the remainder of the expected annual savings to be substantially realized by year-end 2018.
Original Source: PPG Industries, 2016. Found on SpecialChem Coatings and Inks Formulation, 12 Dec 2016, (Website: http:// www.specialchem4coatings.com) Copyright PPG Industries 2016.
Dunn-Edwards Paints Signs Merger with Nippon Paint Dunn-Edwards Corporation, one of the nation's largest independent manufacturers of architectural, industrial and high performance paints, announced it has entered into a merger agreement with Nippon Paint Holdings Co., Ltd., the world's fourth largest paint company with $4.8 billion in sales, and certain of its subsidiaries. Osaka, Japan-based Nippon Paint will maintain the Dunn-Edwards brand and its range of quality paints. The merger with Dunn-Edwards provides Nippon Paint with a platform for growth throughout the U.S. "This is an extraordinary opportunity for both companies,'' said Karl Altergott, CEO of the Los Angeles-based Dunn-Edwards. "We will continue business as usual as DunnEdwards, producing our superior paint and maintaining our culture that we've embraced for 91 years. Plus, we'll have an influx of resources, new coatings technology and an opportunity to grow with a financially strong global leader.''
Original Source: Coatings World, Dec 22, 2016, (Website: http://www.coatingsworld. com), Copyright Rodman Media 2016.
PPG reaches agreement to acquire Romanian paint and coatings manufacturer DEUTEK PPG has reached an agreement with the Emerging Europe Accession Fund (EEAF) to acquire DEUTEK SA, a leading Romanian paint and architectural coatings manufacturer. PPG expects the transaction to close in 1Q 2017, following the receipt of regulatory approvals and satisfaction of customary closing conditions. Financial terms were not disclosed. DEUTEK manufactures and markets a large portfolio of well-known professional and consumer paint brands, including OSKAR and Danke. The company's products are sold in more than 120 do-ityourself stores and 3500 independent retail outlets in Romania. DEUTEK, which is currently owned by EEAF, reported sales of €30 M in 2015.
Original Source: PPG Industries, 1 Nov 2016, (Website: http://www.ppg.com), Copyright PPG Industries 2016
C OAT I N G S Sun Chemical and the DIC Corporation acquire Gwent Electronic Materials Ltd Sun Chemical and its parent company, DIC, have acquired Gwent Electronic Materials Ltd, a leading manufacturer of conductive inks, pastes and powders for the printed electronic market. With the acquisition of the UK -based company, Sun Chemical will expand its leading global position in the printed electronics marketplace. By combining Gwent's complementary portfolio of products with Sun Chemical, customers will benefit from further innovative solutions for advanced printed electronics applications. Gwent's European-based production sites will also enhance Sun Chemical's global conductive ink, paste and powder manufacturing capabilities while allowing further penetration into developing markets.
Original Source: SunChemical, 25 Oct 2016, (Website: http://www.sunchemical.com/), Copyright Sun Chemical Group Cooperatief UA 2016.
Valspar Reports Fiscal Fourth Quarter 2016 and Year-End Results The Valspar Corporation has reported fiscal fourth quarter 2016 (ended October 28, 2016) net sales of $1.11 billion, a decrease of 4 percent over the prior year period. This includes the effects of foreign currency translation that negatively impacted net sales by 1 percent. Fiscal fourth quarter 2016 net income of $104 million and earnings per diluted share (EPS) of $1.27 both increased 1 percent. Fiscal fourth quarter 2016 net income of $104 million includes the impact of the following after-tax items: restructuring and other asset-related charges of approximately $5 million and expenses related to the proposed merger with The Sherwin-Williams Company of approximately $3 million. In total, these items negatively impacted fiscal fourth quarter 2016 diluted EPS by approximately $0.10. Fiscal fourth quarter 2015 net income of $102 million included the impact of the following after-tax items: restructuring charges of approximately $6 million and acquisition charges of approximately $1 million. In total, these items negatively impacted fiscal fourth quarter 2015 diluted EPS by approximately $0.08.
Original Source: Coatings World, Dec 21, 2016, (Website: http://www.coatingsworld. com), Copyright Rodman Media 2016.
BASF Completes Sale of its Industrial Coatings Business to AkzoNobel AkzoNobel has finalized the acquisition of BASF's global Industrial Coatings business, which supplies a range of products for industries including construction, domestic
January 2017