PPG (NYSE:PPG) today announced that it will implement customer-specific price increases and surcharges in Asia to offset a significant rise in raw material costs. The price changes will impact a select group of automotive OEM (original equipment manufacturer) coatings and industrial coatings products, effective April 1 or as contracts permit.
“The coatings industry in Asia is currently experiencing a dramatic tightening of commodity supply, stemming from increased environmental regulations and controls, supplier capacity constraints, and regional availability of feedstocks,” said Tim Knavish, PPG senior vice president, automotive OEM coatings.
“While we must work with our customers to share the burden of these cost increases, we remain committed to providing them with global coatings solutions that offer outstanding value, world-class service and the latest technologies,” said Shelley Bausch, PPG vice president, global industrial coatings.
Details of the price increases will be communicated directly to customers.