AkzoNobel’s Industrial Finishes Business Unit, a global supplier of custom-formulated industrial finishes, coatings and wood adhesives, has announced a global price increase in response to rapidly rising raw material and energy costs.
Robert Taylor, President and General Manager, Industrial Finishes, announced that a 15 percent increase would go into effect across all Industrial Finishes market segments globally during July 2008, including industrial wood coatings, coil and extrusion coatings, specialty plastics coatings, and wood adhesives and board resins.
“Never before have we faced such a collective number, severity and duration of economic challenges that exist today,” said Taylor. “Despite diligent efforts to reduce costs and find acceptable offsets to rising transportation, energy and raw material costs, we find it necessary to raise prices. We simply can no longer absorb these costs without significant long-term consequences to our business.”