PPG Industries, Inc. PPG declared that it has completed the $5 million expansion project of its coatings manufacturing facility in Wuppertal, Germany. The expansion involved the addition of equipment to buildings on the campus. This is estimated to increase annual production capacity of environmentally sustainable waterborne coatings for automotive and industrial applications by 35%.
In order to manage the increased capacity, PPG Industries intends to hire more employees to add to its existing workforce of 190 workers at the plant. The additional capacity will further facilitate PPG Industries to address the growing demand for its waterborne coatings by automotive manufacturers and industrial customers in this region.
Automotive manufacturers in Europe have largely adopted compact-paint-process technologies. This is leading to an increase in the demand for waterborne coatings in Europe where the use of sustainable products and practices is being focused on. Moreover, waterborne coatings use water as a base instead of chemical solvents used in conventional coatings.
The compact-paint-process technology also lessens the number of steps involved in painting a vehicle, thereby helping makers to cut energy used during the process and reduce the space required for the paint process in a manufacturing unit. Further, waterborne coatings are a better and more sustainable alternative to solvent-based coatings as these reduce the use of volatile organic compounds. PPG Industries is a pioneer in the evolution of this technology, holding a leading position in this segment in Europe.
PPG Industries currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the chemical space include Stepan Company SCL, LyondellBasell Industries N.V. LYB and Orion Engineered Carbons SA OEC, all sporting a Zacks Rank #1 (Strong Buy).
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