PPG Industries to invest $300 mln to boost manufacturing in North America
May 21 (Reuters) -PPG Industries PPG.N on Tuesday said it would invest $300 million to boost its manufacturing capabilities in North America, aimed at meeting the rising demand for paints and coatings in the automotive sector.
This investment includes the construction of a new manufacturing facility in Tennessee.
WHY IT'S IMPORTANT
Automakers are selling more cars as people seek new vehicles for personal use after the pandemic.
This demand is good news for companies such as PPG, which supplies paint and coatings for the automotive industry, boosting their profits.
CONTEXT
The proposed 250,000-square-foot facility in Loudon County will be PPG's first new manufacturing plant to be built in the country in more than 15 years.
Construction of the facility is expected to be completed in 2026. Once operational, it will produce more than 11 million gallons of paint and coatings annually.
Tennessee is home to manufacturing and assembly plants of major automakers such as General Motors GM.N, Volkswagen VOWG_p.DE, Ford Motor F.N, and Nissan Motor 7201.T.
MARKET REACTION
Shares in the company were marginally down in morning trade.
KEY QUOTES
"...PPG will leverage this new facility and our other site investments to maximize quality, improve operational efficiency, and reduce product complexity within our manufacturing footprint," said CEO Tim Knavish.
"The strategic location of PPG's new facility also creates a more efficient and effective supply chain with close proximity to many automotive manufacturing facilities."
Reporting by Vallari Srivastava in Bengaluru; Editing by Ravi Prakash Kumar
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