Shares of paint company PPG Industries Inc. slid 2% Wednesday, after the company said it was disappointed to be informed by Lowe’s Cos. that it will no longer sell PPG’s Olympic brand paints and stains. “While PPG is disappointed with Lowe’s decision, PPG believes this will create an opportunity to expand the distribution of its products, including Olympic brand products, through PPG stores, dealers and other distribution partners,” the company said in a statement. Sales at Lowe’s in the U.S. account for less than $300 million of PPG’s annual sales. In its most recent quarter, PPG reported sales of $3.682 billion. Shares have gained 13% in the last 12 months, while the S&P 500 has gained 165.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News