PPG Industries (NYSE:PPG) today announced an investment of about $40 million in its coatings manufacturing facility located in Sumare, São Paulo, Brazil. The expansion project will add a 65,000-square-foot plant for on-site resin production. The resin will be used to manufacture PPG’s electrocoat products to meet growing demand among automotive original equipment manufacturers (OEMs) and industrial coatings customers in the region. PPG anticipates completion of the project in 2015 and expects to add more than 30 new positions at the facility. “PPG is committed to the market in Brazil and the needs of our customers across Latin America,” said Cynthia Niekamp, PPG senior vice president, automotive coatings. “The expansion of the Sumare facility enables PPG to localize production and demonstrates our long-term commitment to support our customers in this very important region.” PPG: BRINGING INNOVATION TO THE SURFACE.(TM) PPG Industries' vision is to continue to be the world’s leading coatings and specialty materials company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com and follow @PPGIndustries on Twitter. Bringing innovation to the surface is a trademark of PPG Industries Ohio, Inc.
Jefferies analysts note that recent construction spending data indicates a cycle rotation away from construction-exposed names and toward industrial- and durable goods-levered firms could be playing out.