Additional price increases may occur in the future as global market conditions including significant volatility and supply constraints continue to evolve
Pittsburgh—PPG announced a global price adjustment across its paints, coatings and specialty products portfolio on Wednesday.
In recent weeks, the global petrochemical, energy and transportation markets have experienced significant volatility and supply constraints driven by factors outside the control of individual suppliers or manufacturers. This is resulting in higher costs for raw materials, energy, logistics and packaging across the coatings value chain.
To ensure continuity of supply and service for customers worldwide, PPG has begun implementing price increases of up to 20% across all product lines and services on a customer-by-customer basis or as existing contracts allow.
Certain product categories, technologies and regions may require higher price adjustments to fully offset current cost inflation, and additional price increases may occur in the future as market conditions continue to evolve.
“Our top priority remains supporting our customers with consistent quality, dependable supply and technical expertise, even as market conditions remain highly dynamic,” said Tim Knavish, PPG chairman and chief executive officer. “This pricing action allows us to ensure availability of supply as we navigate unexpected and increased cost pressures.”
The company stated that PPG’s global sourcing, manufacturing and logistics teams are actively leveraging the company’s diversified production footprint and supplier network to mitigate disruptions and maintain service levels.
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