On Friday, PPG Industries, Inc. (NYSE:PPG)’s shares declined -0.13% to $108.38.
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 regarding Comex.
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.
Honda Motor Co Ltd (ADR) (NYSE:HMC)’s shares gained 7.30% to $33.96.
Honda Aircraft Company declared that it is expanding sales of the HondaJet for the first time to South America. Sales will start in Brazil with the HondaJet making its first appearance at the 2015 Latin America Business Aviation Convention and Exhibition (LABACE) in São Paulo, Brazil, Aug. 11 to 13.
Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, power, and other products worldwide. The company operates through four segments: Motorcycle Business, Automobile Business, Financial Services Business, and Power product and Other Businesses. The Motorcycle Business segment produces sports models, counting trial and moto-cross racing vehicles; business and commuter models; all-terrain vehicles; and multi utility vehicles. The Automobile Business segment offers passenger cars, light trucks, and mini vehicles, in addition to vehicles powered with alternative fuel, such as natural gas, ethanol, electric, and fuel cell vehicles.
At the end of Friday’s trade, Medical Properties Trust, Inc. (NYSE:MPW)‘s shares surged 1.33% to $13.67.
Medical Properties Trust, Inc. (MPW) declared that it has signed a definitive agreement to acquire Capella Holdings, Inc. (“Capella”), a privately-owned hospital company headquartered in Franklin, Tennessee. Capella is one of the ten largest for-profit acute care hospital operators in the U.S. based on revenue. The $900 million total value of the transactions will be comprised of a $600 million investment in Capella’s real estate and an approximate $300 million investment in Capella’s operating entities, which is predictable to be owned jointly by MPT and Capella administration. The transaction will be right away accretive to MPT’s Normalized FFO (“FFO”) per share by $0.04 in the first year after closing.
With this acquisition, MPT will be adding to its acute care portfolio seven hospitals located in five states, with an aggregate 1,169 beds and over two million square feet. MPT’s interest in the hospitals, valued at an aggregate $600 million, will be subject to sale leaseback and mortgage loan arrangements that will have cross default provisions and a blended GAAP yield of 9.1% giving consideration to annual CPI-based rent escalators subject to a 2% floor and 4% ceiling. The initial lease term will be 15 years with four 5-year renewal options. The EBITDAR coverage ratio for the real estate is predictable to exceed 2.3x in the first year.
Medical Properties Trust, Inc. operates as a real estate investment trust (REIT) in the United States. It acquires, develops, and invests in healthcare facilities; and leases healthcare facilities to healthcare operating companies and healthcare providers. The company also provides mortgage loans to healthcare operators, in addition to working capital and other term loans to its tenants/borrowers.
Camden Property Trust (NYSE:CPT), ended its Friday’s trading session with 1.18% gain, and closed at $79.63.
Camden Property Trust (CPT) declared operating results for the three and six months ended June 30, 2015.
Development Activity
Construction was accomplished during the second quarter at Camden Hayden located in Tempe, AZ, and construction commenced at Camden Shady Grove in Rockville, MD.
Acquisition/Disposition Activity
During the quarter, Camden attained a 49.6-acre land parcel in Phoenix, AZ and a 2.7-acre land parcel in Los Angeles, CA for the future development of up to 1,274 apartment homes.
Camden Property Trust is an independent real estate investment trust. The firm invests in the real estate markets of the United States. It is engaged in the ownership, development, acquisition, administration, and disposition of multifamily residential apartment communities.
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