Two leading industrial coatings makers have issued price increases to offset rising raw material costs.
Valspar said it will raise prices on all industrial powder products 15% effective March 1, and on all liquid and electrocoat products five to 15% effective March 1.
The increases, which are in addition to all previous pricing adjustments, are in response to the rapid run-up in the cost of raw materials used in the manufacture of industrial coatings due to issues of availability and unprecedented increases in the price of raw material feedstocks, the company said.
The industrial coatings business unit of PPG Industries said it will raise prices on March 15 for all liquid, electrodeposition and powder products in North America for the general industrial, coil-and-extrusion and wood segments.
“Our industrial coatings business continues to face the rapid escalation of raw material costs,” said J. Rich Alexander, vice president of PPG's industrial coatings business. “The inflation that we began to see last year with respect to raw materials has continued and intensified. In addition, a number of raw materials are in very tight supply. While our supply chain team has done a great job of managing through these issues, and while we continue to take aggressive actions to control our operating costs and improve productivity, the unprecedented raw material escalation requires us to raise prices once again.”