SHANGHAI, Nov. 9, 2017 /PRNewswire/Korea IT times -- Sherwin-Williams Packaging Coatings announced that it will implement a price increase in China to offset significant rises in raw material costs. The price increase will be in the range of 15% - 20% and is effective as of November 1, 2017, or as contracts and agreements allow.
"In China, we did not take pricing action in 2017 to offset the rise in raw material costs. Crude oil prices nearly doubled since last year and a continued push for compliance with environmental and safety regulations in China have led to rising feedstock prices for key commodity chemicals," said Sam Shoemaker, President & General Manager, Sherwin-Williams Global Packaging, Coil, and Coating Resins & Colorants.
"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 Louis Wang, Managing Director Asia Pacific.
Details of the price increases will be communicated directly with customers.
About Sherwin-Williams Packaging Coatings
Sherwin-Williams Packaging Coatings is the largest metal packaging coatings solutions provider in the world, providing complete packaging solutions to reduce costs, improve performance and protect the quality of brands and products. Formerly Valspar Packaging, the Division became part of The Sherwin-Williams Company on June 1, 2017, and adds value to can makers, end makers and brand owners through its technology leadership, regulatory expertise and excellent technical service. The Division is part of the Sherwin-Williams Performance Coatings Group , which supplies a broad range of highly-engineered solutions for construction, industrial, packaging and transportation markets in more than 120 countries around the world. Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers.
For more information, visit www.valsparpackaging.com.
Media Contact:
Steven Lane
Senior Director, Marketing Operations
Sherwin-Williams
Direct: 216.566.2019
Mobile: 216.496.7864
steven.d.lane@sherwin.com
