Business briefs
Akzo ratings on watch
Fitch Ratings placed AkzoNobel’s credit on rating watch negative in connection with a possible takeover by PPG. London-based Fitch said it could resolve the ratings watch over the next few months when the Dutch coatings company either merges with PPG or spins out its specialty chemicals business. PPG has made three offers to buy Akzo. After rejecting the first two, Akzo this week said it would consider PPG’s latest bid of $28.8 billion. Fitch said a takeover would put pressure on both Akzo and PPG because “both companies lack significant financial headroom ... for a merger of this size.”
Universal trims loss
Universal Stainless & Alloy Products reported a first-quarter loss of $1.2 million, or 17 cents per share, vs. a loss of $2.4 million, or 34 cents per share, in the year-ago quarter. The Bridgeville specialty steel producer said sales increased 23 percent to $48.9 million, paced by stronger demand from the aerospace and energy markets.
Coke offers its namesake drink with fiber in Japan
Coke’s flagship cola is being sold as a health drink of sorts in Japan, with a version that promises to deliver fiber. The company noted the launch of Coca-Cola Plus in Japan during a call this week, as well as Canada Dry Plus that has fiber. CocaCola Plus hit shelves in March, the company said, and is being marketed to the 40-and-over crowd, which the company said is driving the growth of the country’s “food of specified health use” products. Drinks promising health benefits are common in Japan. Coke also introduced a tea with fiber in Japan in 2014.
MSA profits rise, sales fall
MSA posted a 23 percent increase in first quarter profits despite a 5 percent drop in sales, citing streamlined costs. The Cranberry safety products company earned $14.4 million, or 37 cents per share, on sales of $265.8 million vs. net income of $11.8 million, or 31 cents per share, and sales of $279.3 million in the year-ago quarter. A surge in sales of new breathing equipment early last year accounted for the sales decline in the most recent quarter, the company said.