PPG Industries Inc‘s (PPG) fiber glass business announced the extension of its partnership with Ebtech Industrial, a global supplier of modular building solutions.
As per the agreement, PPG will offer its MIL-TOUGH(R) ICB (inorganic composite binder) blast/ballistic panels, an innovative, lightweight and cost-effective alternative to steel-reinforced concrete for asset protection and blast mitigation.
With the Industrial Hardening and Protective Systems division of Ebtech Industrial Building Solutions (Ebtech), PPG is expected to bring a complete integrated building solution to the marketplace, addressing the demand for asset protection that extends beyond government and military needs.
Mil-Tough ICB panel products, part of PPG's portfolio of solutions for blast and ballistics applications, were successfully marketed and commercialized with Ebtech in 2010. The blast/ballistic panels, which integrate unique ceramic concrete technology and composite construction techniques, were developed through PPG's government solutions’ cross-business sales initiative.
PPG Fiber Glass is a global manufacturer of reinforcement materials for thermoset and thermoplastic composite applications with manufacturing and research facilities in the United States, Europe and Asia. It serves the transportation, energy, infrastructure and consumer markets, as well as electronic circuit board and specialty yarn markets.
On July 21, 2011, PPG announced its second-quarter 2011 results. Net income was $340 million or $2.12 per share compared with $272 million or $1.63 per share in the year-ago quarter. The results were at par with the Zacks Consensus Estimate.
Net sales in the quarter were $4.0 billion, up 15% from $3.5 billion in the second quarter of 2010. It also outperformed the Zacks Consensus Estimate of $3.8 billion. The improvement was attributed to demand improvements, higher pricing in each of its coatings businesses, successful cost reduction initiatives and a gradual industrial recovery worldwide, partly offset by rising raw material costs.
PPG Industries had cash and cash equivalents worth $982 million as of June 30, 2011 compared with $784 million as of June 30, 2010. Total debt was $3.61 billion as of June 30, 2011 compared with $3.02 billion as of June 30, 2010. Inventories at the end of the quarter amounted to $1.82 billion versus $1.54 billion as of June 30, 2010.
PPG Industries has a short-team Zacks #3 Rank (Hold). Currently, we hold a long-term Neutral recommendation on the stock.
PPG faces stiff competition from the DuPont Performance Coatings segment of EI DuPont de Nemours & Co. (DD) and BASF Coatings AG.
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