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$PX signed a long-term contract with an electronics manufacturer in Shanghai, China. $PX will build, own and operate multiple air separation plants that will supply high-purity nitrogen & oxygen to EverDisplay Optronics (EDO), the first mass producer of 4.5-generation AMOLED displays in China. EDO will invest more than US$4.1Bil in its new project.
$PPG said it expects to achieve $45-50MM of the remainder of its $125MM restructuring program in fiscal 2018. The tax rate on earnings from continuing operations is estimated to be in the 23- 24% range, a tad lower than the 2017 level. This year, PPG targets to deploy around $2.4Bil of cash on either acquisitions or share repurchases.
$PPG expects its initiatives to address raw material inflation will yield results in the first half of this year, by bringing in significant raw material efficiency. While focusing on the overall cost structure, PPG plans to continue to execute on its restructuring program. The company expects acquisition-related sales gains of $125MM in FY18.
$PPG said the volume growth in 4Q17 was supplemented by acquisition-related gains from Crown Group, which was added to its fold in October 2017. The company is working with retail firm $HD to have its Timeless product added to more retail locations. In the current fiscal year, PPG plans to spend about $20MM on additional growth-related activities.
$PPG, a manufacturer of coatings, reported an 8% growth in sales to $3.7Bil in 4Q17, helped mainly by higher selling prices and favorable currency rates. Net earnings were $0.73 per share, compared to $1.31 per share in 4Q16, which included one-time gains. Adjusted for special items, 4Q17 earnings were $1.19 per share, up 3% from last year.
$PX expanded its long-term hydrogen supply agreement with Motiva Enterprises LLC. $PX will increase the amount of hydrogen it supplies to Motiva's about 600,000 barrel per day refinery in Port Arthur, Texas. This agreement secures the additional hydrogen required to support that expansion, as well as the ongoing needs of the refinery.
$ACET's finished dosage form generics subsidiary Rising Pharmaceuticals launched the first generic for Efavirenz Capsules. This is an FDA-approved generic version of the reference listed drug, Sustiva from $BMY, which in combination with other drugs is indicated for the treatment of HIV-1 infection in adults and pediatric patients.
Global specialty chemicals industry leader $ALB said it has signed a definitive agreement to sell its polyolefin catalysts and components business to $GRA in cash for approx. $416MM. The organometallics and curatives portions of the Performance Catalysts Solutions business will remain with $ALB. The deal is expected to close during 1Q18.
$PPG BoD authorized the repurchase of $2.5Bil of outstanding common stock effective immediately. This program is in addition to the company’s existing share repurchase authorization, which was approved in Oct. 2016 and had approx. $1.4Bil remaining as of Sept. 30, 2017.
$RPM agreed to sell $300MM of 4.250% notes due 2048. The sale of the Notes is expected to close Dec. 20, 2017. The expected net proceeds from the offering of the Notes will be about $296.2MM. $RPM plans to use the net proceeds to repay, redeem or refinance $250MM of unsecured senior notes due Feb. 15, 2018 and for general corporate purposes.
$SEE said it is implementing a price increase of 2.5-5% for the majority of its Food Care division's products in Europe, Middle East and Africa with the exception of Switzerland and the United Kingdom who received price increases earlier in the year. The increase will be effective Jan. 1, 2018.