МOSCOW (MRC) -- PPG Industries Inc. PPG said its third-quarter earnings rose 64% amid broad sales growth across its main business segments, said The Wall Street Journal.
The Pittsburgh company has turned to acquisitions as part of its efforts to transform itself into a company focused more on paints and coatings.
On Monday, PPG said Mexican regulators extended their review of the company’s pending USD2.3 billion deal for Consorcio Comex SA. The extension had been expected owing to the complexity of the deal, which is expected to close in the fourth quarter.
Rival Sherwin-Williams Co. previously had abandoned its efforts to acquire the Mexican paint maker amid regulatory issues, but PPG expects its acquisition will be approved as it doesn’t have a large a presence in Mexico’s building-paint market.
During the quarter, the company completed the sale of a North American flat glass manufacturing facility, and an automotive glass equity affiliate sold one of its business lines.
PPG’s results remained uneven across its geographic markets, Chairman and Chief Executive Charles E. Bunch said.
PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum coils; marine and aircraft equipment; automotive original equipment; and other industrial and consumer products. The Optical and Specialty Materials segment consist of the optical products and silicas businesses. PPG is a producer and supplier of basic chemicals. Glass segment produces flat glass and continuous-strand fiber glass. In July 2014, PPG acquired Masterwork Paint Co. In July 2014, the Company announced that its North American architectural coatings business has completed acquisition of The Homax Group, Inc., supplier of decorative wall and ceiling texture repair products, from Olympus Partners.
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