AkzoNobel plans to increase paint price

Posted by on May 7th, 2010 and filed under Business/Economy. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Kolkata, May 7 (IANS) Decorative paints company AkzoNobel plans to raise the prices of its products by two to three percent by this month-end to meet increased input costs, a top company official said here Friday.

‘I see a price hike by the end of this month. There has been a hardening of input prices, primarily that of titanium dioxide, the main input for paints,’ company managing director Amit Jain told reporters at a press meet.

The company had cut product prices in July last year, he said.

AkzoNobel has 11 percent share of the Rs.10,000 crore paint market in the country, Jain said, adding that it would grow by around 12-16 percent in 2010-11.

The company is in talks to acquire 75 acres either in Tamil Nadu or in Karnataka to set up a greenfield project with an investment of Rs.100 crore.

‘The proposed facility, in the first phase, will expand the company’s capacity by 50 million litres from the present 70 million litres produced in three existing plants in Punjab, Maharashtra and Andhra Pradesh,’ said Jain.

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