PPG’s marine coatings on display
PPG Industries’ (PPG) protective and marine coatings business displayed premium marine coatings solutions at the SMM event that took place in Hamburg, Germany, September 6–9, 2016. SMM is one of the leading maritime industry expos, and more than 2,150 exhibitors from 67 countries showcased their most innovative products and services.
PPG Industries displayed Sigamaglide 1290, Sigmashield MTC, Sigma Sailadvance RX, and GX coatings at the expo. These products are designed to improve marine performance.
About the products
In a press release, Sijmen Visser, PPG’s global marketing manager, offered insight into each of these products and their benefits:
- Sigmaglide 1290: This is one of PPG’s recent innovations. This product eliminates slime and improves fuel efficiency through its breakthrough dynamic surface regeneration technology. PPG claims that it is a 100% silicone binder fouling release system and is better than existing fouling release products available on the market.
- Sigmashield MTC: This product includes two layer coating technology: an undercoat and a topcoat. The product is specifically meant for newbuild dry bulk carriers as well as for repairs. It’s ideal for dry bulk cargo environments, according to PPG.
- Sailadvance: This product guarantees significant cost reductions because of its low-friction and self-lubricating antifouling that help to reduce fuel consumption.
PPG stock price
On September 9, 2016, PPG Industries closed at $100.86, down 5.8% for the week. The Materials Select Sector SPDR ETF (XLB), which holds 8.4% in PPG as of September 9, dropped 3.7% for the week and closed at $47.44. PPG peers Sherwin-Williams (SHW), RPM International (RPM), and Valspar (VAL) dropped 4.2%, 6.3%, and 0.2%, respectively, for the same period. PPG’s stock price closed 5.7% lower than the 100-day moving average price of $107, indicating a downward trend in the stock. Analysts expect PPG’s 12-month target price to be at $123.10, implying a potential return of ~22% over the closing price of September 9, 2016. On a year-to-date basis, PPG has moved up by 2.1%.