Yahoo Finance PPG Industries (PPG) & Universal Display Launch OLED Plant
PPG Industries Inc. PPG has announced the opening of a new state-of-the-art organic light-emitting diode (OLED) production plant in Shannon, Ireland, in collaboration with Universal Display Corporation (“UDC”). This County Clare facility is projected to double production capacity and diversify UDC's global manufacturing footprint for energy-efficient phosphorescent OLED emissive materials for the growing OLED industry. UDC's initial 10 million-euro investment, besides its subsequent multimillion-euro expenditures and multiyear, multiphase site plugins, are expected to have a significant profitable economic impact on the region.
PPG manufactures UDC's high-efficiency, high-performance UniversalPHOLED materials. The new production location now employs 50 people, with the number projected to rise to up to 100 when additional investments are made. Engineering and operational disciplines, supply chain roles, synthetic chemists and analytical technicians are among the high-tech jobs available at the Shannon site.
Since 2000, PPG has been UDC's sole supplier of phosphorescent OLED emitter materials. The expansion of global manufacturing operations in Ireland builds on that long-standing collaboration. The new Shannon factory complements PPG's existing OLED production sites in Monroeville, PA, and Barberton, OH.
The launch of this cutting-edge new facility in Shannon is a significant development for the Mid-West region, in addition to an endorsement of the government's sustained emphasis on science, technology, engineering and math (STEM) academic programs, and the quality of workforce available in Ireland. PPG and UDC have grown significantly by collaborating, expanding global manufacturing operations in Ireland, building on strong foundations, and establishing this remarkable Shannon site.
Shares of PPG have gained 16% over the past year compared with industry’s rise of 0.9%.
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PPG projects adjusted earnings of $6.95-$7.25 per share for 2023. The prediction excludes amortization expense, non-cash pension settlement charge, benefit from insurance recovery and costs related to earlier approved and communicated business restructuring.
Factoring in current global economic activities, geopolitical issues in Europe and higher interest rates in most developed countries, the company expects sales volumes for second-quarter 2023 to be flat with the potential for slight improvement or decrease of a low single-digit percentage year over year. Adjusted earnings for the second quarter are projected in the band of $2.05-$2.15.
PPG Industries, Inc. Price and Consensus
PPG Industries, Inc. price-consensus-chart | PPG Industries, Inc. Quote
Zacks Rank & Other Key Picks
PPG currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks to consider in the basic materials space include Steel Dynamics Inc. STLD, Nucor Corporation NUE and Linde plc LIN You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Steel Dynamics currently has a Zacks Rank #2. STLD’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 10.7% on average. STLD has rallied around 24.2% in a year.
Nucor currently holds a Zacks Rank #2. NUE’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 10.8% on average. NUE has rallied around 9.8% in a year.
Linde currently carries a Zacks Rank #2. LIN’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 6.9% on average. LIN has rallied around 16% in a year.
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