PPG Industries’ (NYSE: PPG) industrial coatings business announced today that it is raising prices by an average of 8 to 12 percent on all coil and extrusion coating products in North America, effective Oct. 1 or as permissible by contract.
It’s the second price increase the company has announced in recent months for its coil and extrusion coating products. In June, it issued a press release forecasting a price increase of an average of 5 to 8 percent effective Sept. 1.
In today’s announcement, Richard Zoulek, PPG general manager, industrial coatings, U.S. and Canada, explained: “The rate of raw material price has been dramatic and sustained over the past 12 months, especially for titanium dioxide (TiO2) and resins used in paint products,” said “PPG continues to implement aggressive cost-control measures throughout its operations, but these efforts alone cannot sufficiently offset the continued rapid rise in raw material costs, thus necessitating this price increase.”
Sales representatives will communicate price increase details to their customers for all products affected.
About PPG :
PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products company. Founded in 1883, the company serves customers in industrial, transportation, consumer products, and construction markets and aftermarkets. With headquarters in Pittsburgh, PPG operates in more than 60 countries around the globe. Sales in 2010 were $13.4 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com.