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