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PPG announces fiber glass price increases for Americas
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PPG Industries’ (NYSE:PPG) fiber glass business announced today it is raising prices effective May 1, or as permissible by contract, for products in the Americas.
“Rising costs for energy, transportation, raw materials and precious metals create an economic hardship for our business and our industry that is affecting our ability to reinvest for the future,” said Greg Benckart, PPG general manager, fiber glass. “PPG has invested significant capital to support the industry, with furnace rebuilds in our wholly-owned assets as well as new capacity in Asia. While we want to continue to invest in technology and capacity, we find ourselves in a position where current economics will not justify these necessary investments.”
PPG’s price increases will affect all reinforcements for thermoset and thermoplastic resins as well as yarn products. Sales representatives will communicate price-increase details to their customers in these markets.
About PPG
Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiber glass. The company has more than 150 manufacturing facilities and equity affiliates and operates in more than 60 countries. PPG’s sales in 2007 were $11.2 billion. SigmaKalon, a worldwide coatings producer based in Uithoorn, Netherlands, that PPG acquired Jan. 2, 2008, had 2007 sales of $2.9 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com.
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April 18th, 2008
Source: PPG Industries |
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