PPG Asian Paints, a joint venture between PPG Industries, Inc. PPG and India's Asian Paints, recently launched Envirobase High Performance (“HP”) automotive refinish paints in Sri Lanka. This is the first eco-friendly waterborne automotive paint line introduced in Sri Lanka for the refinishing industry. Prestige Automobiles (Pvt) Ltd. is the first customer of PPG Asian Paints in the country to shift to the use of waterborne products in its operation.
The waterborne coatings feature low volatile organic compound levels, abiding by the increasingly stringent limits in many countries. The product line helps protect as well as enhance the looks of most new vehicles produced worldwide. According to Biju Ramachandran Nair, country manager for PPG Asian Paints, the Envirobase HP product line is a global leader in premium waterborne basecoat refinishing system that will help local Sri Lankan refinishers gain access to the latest available technology.
He further added that the waterborne coatings contain less harmful content than conventional products, and are easy to store and dispose off. Additionally, these ensure better air quality for users. The Envirobase HP line also provides industry-leading color-match accuracy with easy application, facilitating consistent color delivery to vehicles. The system also has fast throughput as it is required in lesser quantity and imparts a high-quality finish.
PPG Industries saw higher profits in the third quarter of 2015, backed by sustained healthy momentum across automotive and aerospace markets. The company witnessed organic sales gains across aerospace and automotive refinish businesses in the quarter on rising demand and persistent adoption of innovative PPG technologies by customers.
Shares of the company fell around 2% to close at $96.29 on Dec 18.
PPG Industries currently carries a Zacks Rank #2 (Buy).
Other well-ranked companies in the diversified chemical space include Celanese Corp. CE, Innospec Inc. IOSP and Stepan Co. SCL, all carrying a Zacks Rank #2.
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