Page 5 - CFCM Nov-Dec-2020 Final_Neat

in the NEWS

PPG Reports Record Third Quarter Europe will remain below 2019 levels until there world, where we were small, until today. The
2020 Financial Results is a return to more normal commuting patterns. combination will immediately make Barentz a
We remain well positioned to capture additional leading global distributor with an excellent
incremental earnings growth once these sectors, opportunity to establish new business segments in
that represent about 30 percent of our business North America. It is a natural combination that
portfolio, begin to recover. Similar to the past sev- enables us to offer quality and expertise to our
eral quarters, we will continue to focus on execu- combined customer base.”
tion against all elements within our control. Also, Exact terms of the transaction have not been
the company’s balance sheet remains strong, and made public.
we are evaluating earnings-accretive cash deploy- www.barentz.com
ment alternatives.
“We will continue to prioritize the health and Sherwin-Williams Introduces
safety of our employees, while providing excellent 2021 Trend Forecast for Industrial
support to our customers with our technology- Wood Markets
PPG reported third quarter 2020 net sales of advantaged products. I am very proud of the
about $3.7 billion, down approximately four per- entire global PPG team, and I want to thank
cent versus the prior year. Selling prices increased everyone for their continued focus and diligence
by 1.3 percent. Sales volumes were down about during these challenging times. As I said last
five percent versus the prior year, which reflect quarter, I remain confident that we are on the
ongoing negative economic impacts of the path to emerge from this crisis as an even
COVID-19 pandemic. Acquisition-related sales stronger company, and these record quarterly
added less than one percent to sales growth, and results lay the foundation for delivering on this
the year-over-year impact from foreign currency commitment,” says McGarry. The Industrial Wood Coatings division of Sher-
translation was minimal. www.ppg.com win-Williams recently released Rhythm of Color,
“As reported earlier this month, we delivered its annual Colormix Forecast. The forecast
record operating results in the third quarter, with Barentz To Acquire Maroon Group, includes 40 finishes, categorized into four
both of our reportable business segments deliver- North American Distributor collections – Sanctuary, Encounter, Continuum
ing higher segment income than the prior year, of Specialty Chemicals and Tapestry.
despite continued, negative pandemic-related Barentz International, a global distributor of life Shaped by global, cultural and economic
economic effects,” says Michael H. McGarry, PPG science ingredients, has entered into a definitive, influences, the company says the collection
chairman and CEO. “Strong year-over-year written agreement to acquire Maroon Group, a inspires wood product developers and manufac-
organic sales growth in global architectural coat- North American specialty chemicals distributor. turers to design finishes and curate palettes that
ings and continued cost management drove earn- The acquisition will expand Barentz’ activities align with consumer preferences. The forecast
ings growth in our Performance Coatings and is aligned with its strategy to become a glob- reveals finishes that will be on-trend three to
reporting segment. In addition, our leading tech- al leader in the life science and broader specialty seven years from now to account for the product
nology and service capabilities benefited us as chemical industries. development process, enabling wood product
demand for automotive OEM coatings and gener- Maroon Group is a large specialty suppliers to developers to meet customer and consumer
al industrial coatings began recovering in the the coatings, adhesives, sealants and elastomers expectations of the future.
quarter, generating strong PPG operating lever- (CASE); personal care and pharmaceutical; and Developed to complement the architectural
age and boosting earnings in our Industrial Coat- food and nutrition, markets across North America. paint 2021 Colormix Forecast, the collections
ings reporting segment. Terry Hill, CEO of Maroon Group, and the within Rhythm of Color are inspired by nature
“Looking ahead, we are likely to experience Maroon management team, will continue to and balance, examined through the lenses of the
normal seasonal trends in the fourth quarter, oversee operations. past, present and future, Sherwin-Williams says.
especially in our European and North American “We are very pleased [Terry Hill] will join the “After thoroughly researching macro-level
architectural coatings businesses,” McGarry adds. Management Board of Barentz and guide us, with trends around the world, the themes in this year’s
“Even with the continued uncertainty from the his very talented team of approximately 300 spe- Colormix Trend Forecast embody modern societal
pandemic we expect overall economic activity to cialists, toward a smooth continuation of excel- dichotomies, like change and comfort, which
continue to recover, but in an uneven manner. lence and growth of both companies,” says Hidde derive from the pandemic and social discontent,”
The pandemic is still significantly impacting the van der Wal, CEO of Barentz. says Lauren West, Global Color and Design Direc-
demand for certain coatings products – most “Our product portfolios are very complemen- tor, Sherwin-Williams Industrial Wood Coatings
notably, global commercial aerospace, marine, tary,” adds Hidde van der Wal. “We have no con- Division. “Consumer color preferences will shift
and protective coatings that support the oil and flicts of interest and we can learn a lot from each because of these realities, which is why it’s impor-
gas industry. In addition, we expect that automo- other. Maroon Group has significant scale in tant for wood product developers to follow forward-
tive refinish coatings demand in the U.S. and North America - the biggest economy of the looking color forecasting. At the Global Color &

www.cfcm.ca CAnADIAn FInISHInG & COATInGS MAnuFACTuRInG 5