The Valspar announced that it will implement a price increase in Asia to offset a significant rise in raw material costs.
The price increase will be effective April 1, 2017, or as contracts and agreements allow.
"In Asia, we are in a cycle of inflation that as of yet is unabated. Crude oil prices nearly doubling since last year, production issues and force majeure in some feedstock markets, and a continued push for compliance with environmental and safety regulations in the region have led to rising feedstock prices for key commodity chemicals," said Sam Shoemaker, President Valspar Packaging.
"We will continue to work closely with our customers to minimize costs and remain committed to providing packaging coating solutions and best-in-class service, and regulatory expertise," said Louie Wang, Managing Director Asia Pacific.
Details of the price increases will be communicated directly to customers.
Valspar is the largest metal packaging coatings solutions provider in the world. Across all of Valspar's packaging solutions, the company adds value to can makers, end makers and brand owners through its technology leadership, regulatory expertise and best-in-class technical service. With 60 locations in over 30 countries, Valspar provides complete packaging solutions to reduce costs, improve performance and protect the quality of brands and products.