PHILADELPHIA, July 15, 2021 /PRNewswire/ — Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, today announced that it will implement additional price increases across all of its global lines of business due to continued inflationary pressures. The increases will be effective immediately or as permissible by contract.
Since the beginning of 2021, the cost of raw materials used in the manufacturing of coatings has increased significantly, and non-raw material input costs, including freight, energy, and labor, continue to increase well beyond earlier expectations. Price adjustments will vary depending on geographic region, products offered, and market(s) served. In some cases, increases may be greater where conditions necessitate additional adjustments.
“Even with aggressive cost-control measures in place across our global supply chain, we’re encountering extraordinary cost and inflationary pressures,” said Sean Lannon, Axalta’s Chief Financial Officer. “These pressures have made it necessary to appropriately raise prices to help offset ongoing cost increases and ensure our ability to continue delivering exceptional support, innovative solutions, and best-in-class products to our customers.”
Axalta will continue to drive operational excellence throughout the organization with the aim of minimizing the impact of cost and inflationary pressures.
Axalta sales representatives will communicate price increase details directly to customers for all affected products.