MINNEAPOLIS, April 6, 2017 /PRNewswire/ -- The Valspar
Corporation announced that it will implement a price increase in
the Americas and Europe to offset
a significant rise in raw material costs. The price increase will
be effective April 1, 2017, or as
contracts and agreements allow.
"Oil prices have nearly doubled in the last year and a high
compliance rate among OPEC and non-OPEC nations on crude output
cuts have outweighed US output and are leading to a deficit market.
In the Americas and Europe, we
have seen a number of planned and unplanned outages in upstream
supply markets, some of which have resulted in force majeure
announcements. These factors, combined with strong export demand
from the USA and a return to
growth in the Eurozone construction sector, 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 in the
Americas and Europe to minimize
costs, increase productivity, and develop new products to meet
their needs. We remain committed to providing innovative packaging
coating solutions, best-in-class technical service, and regulatory
expertise," continued Shoemaker.
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.
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SOURCE Valspar Corporation