Jotun announces price hike
Dubai, February 27, 2011
Jotun Powder Coatings, the leading producer of powder coatings, has announced an increase in prices on all their products in the European, Middle East and Asian markets, effective March 1.
The price increase will cover all of Jotun Powder Coatings product lines - epoxy based products; polyester based products and the polyurethane based products.
According to the company, the imbalance created by the increasing high global demand and the forced reduction of production capacity as a result of the global downturn, has resulted in a shortage of raw materials thereby causing prices to spiral. In fact, in 2010 alone, the market price of raw materials used in coating production like polyester, polyurethane, titanium dioxide and epoxy resins increased by as much as 30 to 40 per cent.
'The change in prices is unavoidable given the frequency and scale of escalating raw material prices, and to ensure that we safeguard our commitment to quality,' said Claudio Iurilli, divisional marketing director, Jotun Powder Coatings.-TradeArabia News Service