Valspar said Thursday that it will implement a price increase in the Americas and Europe due to rise in raw material costs. The price adjustment took effect on April 1, 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,” said Sam Shoemaker, president of packaging. “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.”