BASEL, Switzerland — Axalta is increasing prices for one of its refinish coatings technologies in Europe. The price increases will come into effect the third quarter of 2018.

This new technology applies specifically to Cromax CC6700 Ultra Performance Energy Clear, Spies Hecker Permasolid HS Speed Clear Coat 8800 and Standox Standocryl VOC Xtreme Clear K9580, and their related ancillary products.

"In order to continue to invest in this revolutionary technology, Axalta has decided to increase prices by about 10%. The technology helps bodyshops to improve their overall profitability significantly as well as to reduce their energy consumption," said Adrien Schrobiltgen, Vice President for Axalta's refinish business in the EMEA region.

Axalta will also bring forward price adjustments on its other paint products in Europe, originally planned for the end of 2018, due to significant rises in raw material costs.

"Despite working closely with our suppliers to minimize the effect of the raw material price rises, Axalta is no longer able to absorb these cost increases without affecting our high level of services and superior product quality that our customers expect from us and that we are committed to deliver. It is therefore necessary to pass along some of these increases to our customers," Schrobiltgen said.

Customers will be contacted by Axalta to discuss how the product price increases will impact them.