Coatings giant PPG Industries Inc. PPG along with Thai Optical Group and Global Optics Inc. recently announced the launch of Tribrid lenses in North America. The lenses have a high index and are available in semi-finished single vision clear lenses and are compatible with digital free-form processing and antireflective coatings.
The Tribrid lens material was developed by PPG Industries utilizing an advanced hybrid material approach incorporating chemistry for Trivex lens material with conventional high-index lens material chemistry. The outcome is a high-index lens that provides the combination of vision comfort, protection and performance with enhanced thinness.
Tribrid is a unique, unparalleled approach to high-index lenses and is ideal for eye care professionals who want to offer a fully optimized visual experience to patients with more demanding vision-correction needs. PPG Industries has partnered with Thai Optical Group and Global Optics to bring this new high-index lens technology to North America.
Thai Optical Group has been a dedicated partner with PPG Industries for Trivex material, and it continues that collaboration in the development of Tribrid lenses. Global Optics is a leading supplier of lenses to independent laboratories in North America.
PPG Industries’ shares fell 0.5% to close at $100.68 on Sep 14.
PPG Industries’ adjusted earnings of $1.85 per share for the second quarter of 2016 improved 10.8% year over year. Sales in the quarter were fairly consistent with the prior-year quarter figure of $4,064 million. While earnings beat the Zacks Consensus Estimate, sales lagged the same. The bottom line was primarily driven by the successful commercialization of innovative products, strong business and cost management as well as earnings-accretive cash deployment.
While PPG Industries is taking steps to cut costs and grow organically, it faces significant currency headwind. Moreover, the company faces macroeconomic challenges and some of its end-markets including heavy-duty equipment and marine still remain sluggish.
PPG Industries currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the chemical space include Innophos Holdings Inc IPHS, Mitsubishi Chemical Holdings Corporation MTLHY and Innospec Inc. IOSP, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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