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Tuesday Ticker: May 25, 2021

Toronto, Ontario ⁠— In this week’s Ticker report, Boyd Group’s Canadian chains report 34 percent dips in revenues, PPG finalizes another acquisition and cyberhackers take hold of a Toyota Auto Body server.

Boyd’s Q1 blunders

Boyd Group, which operates Canadian collision centres under the Boyd Autobody and Glass and Assured Automotive networks, has reported a 34 percent decline in revenues for 2021’s first quarter.

The company, headquartered in Winnipeg, Manitoba, reported its Q1 2021 financial results May 12 and cited the marked declines to the “slower economic reopening and more significant restrictions in palace when compared to the U.S.” 

Overall, Boyd’s sales declined nearly 10 percent in Q1.

PPG positions itself for power

PPG recently announced the completion of the acquisition of a global manufacturer of coatings for industrial and automotive applications, Worwag.

Worwag’s operations are based in Germany, the United States, China, South Africa, Mexico, Spain, Switzerland and Poland, with headquarters in Stuttgart, Germany. It specializes in the development of sustainable liquid, powder and film coatings. Worwag was founded in 1918 and currently employs about 1,100 people worldwide.

PPG Industries stated that the acquisition of Worwag is an additional step in its strategic growth plan that will provide further value to customers and shareholders. Both, PPG Industries and Worwag have a strong history of providing high-quality and sustainable solutions.

Worwag’s expertise in powder and liquid coatings for industrial and automotive applications complements PPG Industries’ business and will enable it to expand its product portfolio. The inclusion of Worwag boosts PPG Industries’ waterborne, direct-to-metal, liquid and powder coatings offerings and helps expand current customer distribution in key geographies.

PPG Industries is looking forward to developing an industry-leading automotive coatings portfolio and serve consumers in new ways, the company noted.

Cyberbandits eye Toyota’s Auto Body division

A U.S.-based unit of Toyota Auto Body has been hacked, news outlet Nikkei Asia reported Thursday.

The hack is believed to have released sensitive information and was allegedly orchestrated by a Russian cybergang.

Toyota Auto Body confirmed that financial and customer data from Auto Parts Manufacturing Mississippi, which makes parts for the Toyota Corolla, was online. The company declined to say whether it received a demand for ransom but said no payment was made.

Production suffered no disruption, Toyota Auto Body said.

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