On Tuesday, PPG Industries, Inc. (NYSE:PPG)’s shares inclined 0.93% to $117.61.
PPG Industries (PPG) held a meeting for securities analysts in Cabo San Lucas, Mexico. The meeting comprised of presentations by Michael McGarry, PPG president and chief operating officer; and Marcos Achar Levy, PPG vice president, architectural coatings, Latin America, and chief executive officer, PPG-Comex.
During the meeting, PPG reviewed details of PPG-Comex Mexican operations, offered information about the growth of the Mexican economy and PPG-Comex, and toured PPG-Comex concessionaire locations. The company indicated during the meeting it anticipates cost synergies associated with the Comex acquisition to be $45 million to $50 million by the end of 2016, up from the company’s previous guidance of $30 million to $40 million.
PPG also issued new acquisition-related revenue synergy targets for the PPG-Comex acquisition. The company anticipates to generate $40 million to $50 million in revenue within two years from sales of legacy PPG products through the PPG-Comex distribution network. PPG set a separate revenue target of $60 million to $70 million within five years for incremental coatings sales in Central America. PPG had formerly issued no incremental revenue guidance regardingComex.
PPG Industries, Inc. manufactures and distributes coatings, specialty materials, and glass products. The company’s Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; sealants, coatings, maintenance cleaners, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor for specialty applications; and chemical administration services.
Darden Restaurants, Inc. (NYSE:DRI)’s shares dropped -0.04% to $72.34.
Darden Restaurants, Inc. (DRI) declared the appointment of Jeffrey Davis as its Senior Vice President and Chief Financial Officer, effective July 16, 2015. In this role, Davis assumes responsibility for the financial functions of the company, counting finance and accounting, corporate reporting, corporate tax, treasury and investor relations, in addition to internal audit, supply chain, and real estate and development. He will report to Darden CEO Gene Lee.
Most recently, Davis served as Executive Vice President and Chief Financial Officer for the Walmart U.S. segment of Walmart Stores, Inc. He joined Walmart in 2006 as Vice President of Finance for the Walmart U.S. specialty division. He held additional roles of increasing importance, counting Executive Vice President and Treasurer for Walmart Stores, Inc., preceding to assuming the top financial post in Walmart’s largest business segment. Preceding to joining Walmart, Davis was CFO for Lakeland Tours, LLC, CFO for McKesson General Medical, and he held financial leadership positions at the Hillman Co, a private investment holding company. Davis also spent four years at KPMG Peat Marwick providing audit services.
Darden Restaurants, Inc. owns and operates full service restaurants in the United States and Canada. It operates restaurants under the Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s, and Yard House brand names. As of June 23, 2015, it owned and operated about 1,500 restaurants. The company was founded in 1968 and is headquartered in Orlando, Florida.
At the end of Tuesday’s trade, Computer Sciences Corporation (NYSE:CSC)‘s shares dipped -0.06% to $67.33.
Computer Sciences Corporation (NYSE: CSC) declared a milestone in the planned spin-off of its U.S. public sector business into a separate, publicly traded company with the filing of an initial Form 10 Registration Statement (Form 10) with the U.S. Securities and Exchange Commission.
The intent to separate CSC into two companies – one to serve public sector clients in the U.S. and one to serve commercial and government clients globally – was declared on May 19. The spin-off of the public sector business will be effected through a one-for-one distribution of the new entity’s stock to CSC shareholders, and will comprise a special dividend of $10.50 per share at closing.
Computer Sciences Corporation provides information technology (IT) and professional services and solutions primarily in North America, Europe, Asia, and Australia. The company operates through Global Business Services, Global Infrastructure Services, and North American Public Sector segments.
VeriFone Systems Inc (NYSE:PAY), ended its Tuesday’s trading session with 1.29% gain, and closed at $33.78.
Verifone (PAY) declared the appointment of Steve Aliferis as president of Asia Pacific. Additionally, the company announced the appointment of Arthur Jiang as senior vice president and general manager for China, which was recently established as a separate region reporting to CEO Paul Galant.
With more than 20 years of experience in the payments and banking industries, Aliferis has held executive management positions with Commonwealth Bank of Australia, National Australia Bank and Assure Worldwide. He most recently served as head of Business Banking, Product and Australian Financial Services at Westpac Group, one of the largest financial services institutions in Australia and New Zealand. Aliferis will join Verifone on Aug. 3, and will be based in the company’s Singapore office.
VeriFone Systems, Inc. designs, markets, and services electronic payment solutions at the point of sale (POS) worldwide. It provides countertop electronic payment systems that accept card payment options, such as NFC, mobile wallets, chip and PIN, and contactless payments, in addition to support credit and debit card, EBT, EMV, and other PIN-based transactions; and a portfolio of application libraries and development tools.
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