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.
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SOURCE Valspar Corporation