On April 15, Pennsylvanian chemical company PPG announced it would implement a 20% global price adjustment across its paints, coatings and specialty products portfolio.
According to a statement, the move is being made due to PPG's "continued commitment to maintaining reliable supply of its high-performance products to customers amid a rapidly evolving global cost environment."
The move comes as the world graples with a petrochemical shortage, which has driven energy and chemical prices up. According to the company, this has driven its raw material costs up significantly.
"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," the company wrote in a statement.
While no other price adjustments have been announced, the statement went on to warn that certain product categories, technologies and regions may see even higher price adjustments as 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 (pictured). “This pricing action allows us to ensure availability of supply as we navigate unexpected and increased cost pressures.”
