Toronto, Ontario — In this week’s Tuesday Ticker, PPG reports record automotive refinish coatings sales for 2022, while B.C.-based Ritchie Bros. Auctioneers amends its deal to acquire IAA Inc.
PPG’s power year
PPG reported its fourth quarter 2022 and full-year results last week, reporting record net sales in its automotive refinish line of business.
The company said its automotive refinish coatings organic sales grew by a low double-digit percentage, driven by higher selling prices and sales volumes.
OEM coatings sales were also up a “low double-digit percentage,” said PPG, due to higher selling prices coupled with increased year-over-year sales in Europe.
PPG reported net sales of US$4.2 billion for Q4 and full-year sales of US$17.7 billion, a record for the company.
Deal or new deal
IAA Inc. and British Columbia-based Ritchie Bros. Auctioneers Inc. have amended the terms of their previously announced merger, the companies announced Monday.
Under the terms of the amended agreement, IAA shareholders will receive $12.801 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own.
The change in consideration mix represents a shift in the cash/stock mix to approximately 29 percent cash/71 percent stock from the previous mix of 22 percent cash/78 percent stock.
Additionally, the Ritchie Bros. Board of Directors announced that it expects to approve the issuance of a one-time special dividend to Ritchie Bros. shareholders in the amount of $1.08 per common share, which will be payable to holders of record as of a pre-closing record date to be determined with the consent of the Toronto Stock Exchange (“TSX”) and contingent on the closing of the IAA transaction.
The amended agreement has been unanimously approved by each company’s Board of Directors, IAA and Ritchie Bros. confirmed.
