PPG to Boost Prices, Suggests Vehicle Costs Also to Rise
In a harbinger of rising costs in vehicles, PPG (NYSE:PPG) announced that it will implement a 10 percent price increase on all of its industrial coatings products globally. The change will be effective Jan. 1, 2019, or as permissible by contract, and will apply to all industrial coatings end-use segments.
Tim Knavish, PPG senior vice president, industrial coatings, cited unprecedented cost pressures in raw materials, freight, energy and labor for the resulting price increase.
“We continue to be diligent in offsetting costs and exercising cost-control measures across our supply chain to increase efficiency,” said Knavish. “Despite these efforts, we must modify our pricing to ensure that we can continue to deliver exceptional technical support and solutions to our customers.”
PPG sales representatives will communicate price increase details to customers for all affected products.
Category: General Update, News
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