PPG (NYSE: PPG) today announced that it is raising prices globally for protective and marine coatings products. The increases will take effect immediately or as existing customer contracts allow.
This price increase helps mitigate rising raw material and operating costs experienced by PPG. In addition, PPG has seen a steep increase in freight and logistics costs primarily due to increasing oil prices.
“While we have experienced broad inflation across a number of raw material categories, epoxy resins, zinc powders, titanium dioxide and solvents have incurred the most significant increases,” said Ram Vadlamannati, PPG senior vice president, protective and marine coatings. “PPG remains committed to providing innovative product solutions for our customers, and we will continue to manage other costs wherever possible.”
“Unfortunately, our supply chain related inflation can no longer be offset solely by ongoing productivity improvements and cost-saving initiatives,” said Ram Vadlamannati; “We foresee healthy growth in our target segments for our protective and marine coatings solutions. This price increase enables us to further invest in our operations to meet increasing customer demand while continuing to be an industry leader in prolonging the life of our customers’ valuable assets.”
PPG account representatives will communicate price increase details to customers.