MINNEAPOLIS, March 23, 2017 /PRNewswire/ -- The Valspar
Corporation 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.
For more information about Valspar Packaging, visit
www.valsparpackaging.com.
Valspar: If it matters, we're on it.
®
Valspar is a global leader in the coatings
industry providing customers with innovative, high-quality products
and value-added services. Our 11,000 employees worldwide deliver
advanced coatings solutions with best-in-class appearance,
performance, protection and sustainability to customers in more
than 100 countries. Valspar offers a broad range of superior
coatings products for the consumer market, and highly-engineered
solutions for the construction, industrial, packaging and
transportation markets. Founded in 1806, Valspar is headquartered
in Minneapolis. Valspar's shares
are traded on the New York Stock Exchange (symbol: VAL). For more
information, visit www.valspar.com and follow @valspar on
Twitter.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valspar-packaging-price-increase-in-asia-300428492.html
SOURCE Valspar Corporation