Axalta Announces Global Price Increases
Axalta (NYSE: AXTA) has announced global price increases across all business lines due to persistent inflationary pressures affecting raw materials and operating costs. Effective immediately or as contracts allow, the increases are necessitated by dramatic rises in costs for raw materials, freight, energy, and labor. CFO Sean Lannon stated that despite stringent cost-control measures, extraordinary inflation has made price adjustments essential to maintain quality and service. Details of the price increases will be communicated directly to customers.
- Implementation of price increases to offset rising costs.
- Continued commitment to operational excellence and customer support.
- Increased costs of raw materials, labor, and freight impacting margins.
- Extraordinary inflationary pressures affecting overall business costs.
PHILADELPHIA, July 15, 2021 /PRNewswire/ -- Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, today announced that it will implement additional price increases across all of its global lines of business due to continued inflationary pressures. The increases will be effective immediately or as permissible by contract.
Since the beginning of 2021, the cost of raw materials used in the manufacturing of coatings has increased significantly, and non-raw material input costs, including freight, energy, and labor, continue to increase well beyond earlier expectations. Price adjustments will vary depending on geographic region, products offered, and market(s) served. In some cases, increases may be greater where conditions necessitate additional adjustments.
"Even with aggressive cost-control measures in place across our global supply chain, we're encountering extraordinary cost and inflationary pressures," said Sean Lannon, Axalta's Chief Financial Officer. "These pressures have made it necessary to appropriately raise prices to help offset ongoing cost increases and ensure our ability to continue delivering exceptional support, innovative solutions, and best-in-class products to our customers."
Axalta will continue to drive operational excellence throughout the organization with the aim of minimizing the impact of cost and inflationary pressures.
Axalta sales representatives will communicate price increase details directly to customers for all affected products.
About Axalta Coating Systems
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 130 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us @axalta on Twitter.
Axalta Coating Systems | Contact |
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SOURCE Axalta Coating Systems Ltd.
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