PPG Industries recently announced it will raise the price of industrial coatings products up to 10 percent globally.
The increase will go into effect as early as permissible by contract or on Jan. 1 and will apply to all industrial coatings end-use segments.
“We have been diligent in using cost-control measures across our global supply chain to increase efficiency and offset costs,” Chancey Hagerty, PPG vice president of global industrial coatings, said. “Despite these efforts, we must modify our pricing to ensure that we can continue to deliver exceptional technical support and innovative solutions to our customers.”
Hagerty said the price increase can be attributed to continuing increases among certain cost pools, the need to recuperate significant inflation from the past few years, and a desire to provide customers with excellent technical support and innovative solutions.
PPG sales representatives will inform all customers affected by the increase.
The company predicts soft global economic growth for the fourth quarter and low-single-digit percentage growth the year.
Michael McGarry, PPG Industries chairman and CEO, sees automotive as a key industry for the company’s growth in 2020. Auto manufacturing is growing in China, and electric vehicles require two to four times as many coatings and adhesives as traditional vehicles.