Chevron Corporation (NYSE:CVX) Signs Sales And Purchase Contract With Star Energy Consortium to Sell Assets- PPG Industries (NYSE:PPG)

Chevron Corporation (NYSE:CVX) [Trend Analysis] attempts to attain leading position in street, Shares price changes as it -0.29% to close at $118.42 with the total traded volume of 2.68 Million shares. Chevron Corporation (CVX) reported that its wholly-owned subsidiaries have entered into a sales and purchase contract with Star Energy Consortium to sell Chevron’s Indonesian and Philippines Geothermal assets.

“These assets deliver reliable energy to support the needs of Asia-Pacific’s growing economies,” said Jay Johnson, executive vice president, Upstream, Chevron Corporation. “This sale is aligned with our strategy to maximize the value of our global upstream businesses through effective portfolio management.”In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java. In the Philippines, company subsidiaries have a 40 percent equity interest in the Philippine Geothermal Production Company, which operates the Tiwi and Mak-Ban geothermal power plants in Southern Luzon. The firm has institutional ownership of 62.70%, while insider ownership included 0.04%. Its price to sales ratio ended at 2.05. CVX attains analyst recommendation of 2.10 with week performance of 0.29%.

PPG Industries, Inc. (NYSE:PPG) [Trend Analysis] try to make new thrust in street and making different trends, stocks trading ended with -0.33% to $94.69. PPG (PPG) reported that it has reached a definitive contract to sell the assets of its Mexico-based Plaka plasterboard and cement-board business to Knauf International GmbH.

The transaction is expected to close in the first half of 2017, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed.PPG acquired the Plaka business in 2014 as part of its acquisition of Comex, S.A. de C.V. Plaka, with approximate sales of $30 million in 2015, manufactures plasterboard, cement board and drywall primarily for the Mexican construction market. The business employs about 200 people and operates a manufacturing facility in Querétaro, Mexico. The share price of PPG attracts active investors, as stock price of week volatility recorded 1.09%. The stock is going forward to its 52-week low with 8.84% and lagging behind from its 52-week high price with -18.11%.

 

About Richard Avery

He is a capital projects manager and process design engineer at a large-cap company. He has renowned MBA degree. Before joining SWR, he was a freelance writer for renounce tech websites. He is currently studying for CFP exam. Interests: Tech stocks, Economic Markets, Blue-chips.

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