Axalta Coating Systems (NYSE: AXTA), a leading global supplier of liquid and powder coatings, will initiate a global price increase for its Transportation coatings effective on December 1, 2018, or as contracts with customers permit. The increase will apply to light vehicle and commercial vehicle coatings.
“The decision to move forward with price increases for our Transportation coatings comes after we took every practical step to minimize the unparalleled impact that higher raw material costs have had on our Transportation business globally,” said Steven R. Markevich, Axalta Executive Vice President and President, Transportation Coatings and Greater China. “We are experiencing increased costs virtually across the board with freight and logistics, packaging, and new tariffs also significantly contributing to a higher overall cost of doing business. As such, price increases are a necessity given the realities in our markets today.”
Markevich continued, “As always, we remain committed to delivering world-class products and services to ensure the best outcomes for our customers now and for the long-term.”