Paint price continues to rise; high raw material costs color results AkzoNobel

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Paint price continues to rise; high raw material costs color results AkzoNobel

In addition to higher raw material prices, AkzoNobel also faces problems in the supply of products. The cost increase of raw materials and the problems in the supply chain will in any case continue until mid-2022, AkzoNobel CEO Thierry Vanlancker expects.

The coating and paint maker has been able to wipe out the raw materials by allowing the price of its products to rise sharply. AkzoNobel’s paint and coatings have already risen 9% in price compared to the third quarter of last year and Vanlancker expects to increase the price even more.

These price increases ensure that the company’s turnover could increase by 6% in one year to €2.4 billion in the third quarter of 2021. Over the entire first nine months of this year, turnover even increased by 14% to €2.4 billion. €7.2 billion.

Operating income fell by a third year-on-year to €226 million in the quarter. But over the first nine months, AkzoNobel is still on track with a 10% increase to €883 million.

Paint price continues to rise; high raw material costs color results AkzoNobel | Financial
Source link Paint price continues to rise; high raw material costs color results AkzoNobel | Financial

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