The Valspar Corp. will raise the price of its products up to 20 percent beginning Aug. 1. This latest action is in addition to previously announced price increases and is part of the company’s ongoing efforts to offset the impact of rising raw material costs.
To help limit the impact of increasing raw material costs on customers, Valspar has undertaken numerous aggressive actions, including optimizing the sourcing and purchasing of its raw materials, lowering the cost structure of its businesses and increasing the productivity of its employees and operations. However, raw material costs have continued to escalate rapidly, and it has become necessary for the company to initiate an additional increase in its prices.