Results included record first quarter Housing and Infrastructure Products (HIP) income from operations, and Performance & Essential Materials (PEM) sales volume growth.
First quarter 2024 net sales increased year-over-year. The growth within the company’s end-markets was driven by improvement in both refinish and light vehicles, offset partially by lower net sales in industrial and commercial vehicles.
The American Coatings Association announced new leadership appointments to its Board of Directors, effective immediately. Jeffrey J. Powell, President and CEO of Diamond Vogel, Inc., will serve as ACA Chairman; and Chase Bean, President, CEO and Chairman of Tnemec Company, Inc., will serve as ACA Vice Chairman & Treasurer.
The award for the most outstanding conference paper was presented on April 30 during the plenary session of the American Coatings Conference in Indianapolis, Indiana.
“The industry experienced three days full of networking opportunities at the leading North American coatings event. Exhibitors and attendees were very excited to make connections and enhance their industry knowledge. We are already looking forward to seeing you again in Indianapolis May 5 – 7, 2026,” said Matthias Janz, Director of Trade Shows at Vincentz Network.
The company was able to increase its sales volumes, in particular within the EMLA and APAC regions, with the former benefiting from higher plant availability. Due to lower average selling prices associated with lower raw material prices being passed on to customers, sales fell slightly.
The court is expected to appoint an insolvency administrator to examine the possibility of continuing business operations and possible options for restructuring and/or selling the business in due course.
Although sales are still down since the previous year, the good start into the year gives the company confidence that it can achieve its targets for the fiscal year.
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