PPG Receives 50th Order for Electrostatic Marine Coating Application

Group 1: Company Developments - PPG Industries Inc. has received its 50th order for the electrostatic application of marine fouling control coatings, specifically for the VLCC SIDR oil tanker [1] - The PPG NEXEON 810 antifouling coating will be applied at the Asyad Drydock Company shipyard in Oman [1] - PPG has tailored its hull coatings for electrostatic application, which has been introduced to the shipping sector over the past year [2] Group 2: Industry Trends - Ship owners and shipyards are seeking new methods to comply with stricter environmental standards and sustainability goals, including low-friction hull coatings [3] - Electrostatic applications are gaining traction among significant shipping companies and shipyards in Europe, Singapore, and China [3] - Traditional fouling control coatings are often not suitable for electrostatic applications, but PPG's formulations enable this method [4] Group 3: Operational Efficiency - Electrostatic application offers higher transfer efficiency than airless spraying, resulting in reduced overspray and waste, leading to environmental benefits [2] - The process provides a cleaner operation and better work environment for applicators, saving time and money for shipyards [5] Group 4: Financial Performance - PPG anticipates flat organic sales and adjusted earnings per share at the lower end of the $8.15 to$8.30 range for the full-year 2024 [7] - PPG's shares have declined by 11.5% over the past year, compared to a 7.9% decline in the industry [6]