Kansai Paint announces price increases for paints and thinners

On March 28, Kansai Paint issued a notice on price adjustments for paints and thinners, announcing price increases.

Kansai Paint said that in the context of rising raw material prices and rising logistics costs, the company adjusted product prices on March 20, 2023. However, raw material costs and logistics costs have continued to rise since the last price adjustment. In addition, the overall increase in labor costs in the supply chain has also pushed up the overall production costs.

Facing cost pressure, although Kansai Paint has been working hard to improve production efficiency and cut costs. However, in the face of rising costs, the company has to take price adjustment measures again to ensure the sustainable development and profitability of the company.

The product areas for Kansai Paint's price adjustment this time include: industrial coatings and automobile repair coatings. The price adjustment time will be from May 1, 2024. The price increase of paint and thinner ranges from 5% to 15%. Depending on the product, the price adjustment rate will also fluctuate.

It is worth mentioning that Kansai Paint showed strong growth momentum in its previously released semi-annual report for fiscal year 2024. During the reporting period, the company's turnover reached 274 billion yen, a year-on-year increase of 9.3%; Net profit attributable to shareholders of the parent company reached 46.5 billion yen, a year-on-year increase of 275.5%.