Top 10 Global Paint and Coatings Companies: 2019 Annual Report

10). Asian Paints (IN) — Asian Paints (India): Wall paints, home painting, and waterproofing solutions in India — USD 2.624 billion 1). Sherwin-Williams — Sherwin-Williams Marine Protection Company Profile: Sherwin-Williams was founded in 1866 by Henry Sherwin and Edward Williams. Today, it is a global leader in the manufacturing and development of paints and coatings, serving professional, industrial, commercial, and retail customers worldwide. Its portfolio includes well-known brands such as Sherwin-Williams, Valspar, Dutch Boy, Krylon, Minwax, Cabot, and Thompson’s Water Seal. The company’s global headquarters is located in Cleveland, Ohio. Sherwin-Williams brand products are distributed through over 5,100 company-owned stores and facilities, while its other brands are sold via leading mass merchants, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. Cleveland, Ohio, USA Phone: 216-566-2000 Fax: 216-566-3310 Website: Sherwin-Williams Paints, Stains, Supplies and Coating Solutions Key 2019 Data: Coatings Sales: USD 17.95 billion Employees: 60,000 Geographic Sales Breakdown: Europe 21%, Americas 33%, Asia-Pacific 43%, Other Regions 3% Board of Directors: John G. Morikis — Chairman and Chief Executive Officer David B. Sewell — President and Chief Executive Officer Allen J. Miston — Senior Vice President – Finance and Chief Financial Officer Jane Caroline — Senior Vice President and Corporate Director Mary Gasco — Senior Vice President, General Counsel, and Secretary Summary: On July 17, 2019, ten cities and counties in California reached a settlement agreement with Sherwin-Williams and two other companies, pending court approval, to resolve litigation initiated nearly two decades earlier. The lawsuit challenged the companies’ lawful advertising of lead-based paint over a century ago—when such paint was considered the “gold standard” and specified for use by federal, state, and local governments. On September 12, 2019, Sherwin-Williams announced it had launched a process to explore establishing a new R&D facility and a new global headquarters. As part of this initiative, the company is reviewing its facility requirements to best meet current and future needs for its customers and employees. On October 28, 2019, Sherwin-Williams announced with deep sadness the passing of its former Chairman and CEO, John G. Bren (“Jack”), who died at age 85.

Plant Closures and Asset Sales! Global Coatings Giant Announces 1,800 Layoffs; China Operations (5,000 Employees) Unaffected—Netizens Comment: 'The chill from China’s real estate sector has finally spread…'

1,800 layoffs! Another chemical industry giant announces plant closures and asset sales—expected to save USD 175 million annually! By Unemployment News Editor | Text By Henry & Co. | Image Recently, PPG Industries—a U.S.-based global coatings manufacturing giant—announced plans to divest portions of its architectural coatings businesses in the United States and Canada, and to implement workforce reductions across the U.S. and Europe, affecting approximately 1,800 employees. The company also intends to close multiple production facilities. According to Unemployment News Editor, PPG Industries has entered into a definitive agreement with American Industrial Partners (AIP) to sell its U.S. and Canadian architectural coatings business for USD 550 million. The transaction is expected to close by late 2024 or early 2025. Facilities included in this sale comprise seven production plants in the U.S., two in Canada, twelve distribution centers, and over 15,000 distribution points—including 750 company-owned stores and 6,600 independent dealers. As of year-end last year, PPG employed 53,000 people globally; thus, the planned layoffs represent roughly 3% of its total workforce. PPG forecasts that full implementation of these cost-reduction measures will generate approximately USD 175 million in annual pre-tax savings, including USD 60 million in 2025. Additionally, the company expects to record a pre-tax charge of USD 250 million in Q4 2024. Tim Knavish, PPG’s CEO, stated that although the decision to lay off staff was difficult, divesting its U.S. and Canadian architectural coatings business—and its silica products business—will enhance organic growth and financial returns, thereby further optimizing its portfolio. Knavish emphasized that this layoff decision will not undermine PPG’s current investment plans nor alter its commitment to organic growth. Recently, PPG released its Q3 2024 financial report, demonstrating stable profitability. Although revenue faced downward pressure, PPG successfully increased net profit—largely attributable to its diversified business portfolio and highly effective cost-control strategies. According to the report, PPG achieved USD 4.575 billion (approx. RMB 3.2581 billion) in revenue for Q3 2024, representing a 1.48% decline year-on-year. Despite the slight revenue contraction, net profit rose 9.86% year-on-year to USD 468 million (approx. RMB 333.2 million). For the first three quarters combined, PPG reported total revenue of USD 13.68 billion (approx. RMB 9.74 billion), down 1.56% year-on-year; net profit reached USD 1.396 billion (approx. RMB 994.1 million), up a substantial 18.31% year-on-year. Commenting on the results, Tim Knavish noted: “Although OEM automotive build activity slowed this quarter, we achieved positive growth across seven of our ten businesses—including strong performance in several key technology-driven businesses—delivering a record-setting Q3 earnings per share.”

PPG Industries Senior VP & CFO Jamie A. Beggs Files Form 4 for September 30

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PPG Industries disclosed a Form 4 filing by Senior Vice President and CFO Jamie A. Beggs for the period ending September 30, reflecting insider financial transactions.

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