PPG to increase prices on car paint by an average of 10% to combat inflationary pressures

PPG to increase prices on car paint by an average of 10% to combat inflationary pressures

Paint and coatings company PPG Industries Inc. PPG, -0.41% said Monday it is increasing prices on all automotive original equipment manufacturers products by an average of 10% as it works to combat rising inflationary pressures. The change will take effect Nov. 1 or as soon as contracts permit. “While PPG remains aggressive in its efforts to control expenses, we have experienced continued and unprecedented cost pressures in raw materials, freight, distribution and labor, across every region,” said Rebecca Liebert, PPG senior vice president, automotive coatings, in a statement. “In addition, as we collaborate with our automotive manufacturers to prepare for new autonomous driving and vehicle electrification technologies, our customers demand additional functionality from our coatings products.” Shares were not yet active premarket, but have fallen 7.5% in 2018, while the S&P 500 SPX, -0.55% has gained 8%.

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