CollisionWeek

Your source for the latest collision repair industry news, statistics and trend analysis.

  • News
  • Research
  • Feature
  • Subscribe
You are here: Home / News / PPG CEO Details Inflation’s Impact on Coatings Business in CNBC Interview

PPG CEO Details Inflation’s Impact on Coatings Business in CNBC Interview

May 13, 2022 By CollisionWeek Editor

In an interview yesterday morning on CNBC embedded below, Michael McGarry, chairman and CEO of paint supplier PPG, detailed the dramatic impact of inflation on its business and how the company plans to counter it.

 

McGarry explained that the company experienced 25% cost inflation in the U.S. during the first quarter. Asked by CNBC Squawk Box co-host Becky Quick if that was overall, and not just higher raw materials, McGarry explained that it was overall across the business saying it included “…energy, labor, transportation, warehousing. There’s not a lot of places we’re not seeing inflation right now.”

McGarry explained the rising costs were leading to price increases for its products. He also explained that its customers were broadly experiencing the same impact from cost inflation across the industries they service including automotive OEM, automotive aftermarket and aerospace.

McGarry did indicate that inflation may be peaking, saying, “We’re certainly seeing it start to level off. Not today, but we’re seeing the increases are coming fewer. We’ve had less force majeures in the products that we buy. We’ve seen it slow down in China, we’ve seen it slow down in Europe. So, we’re optimistic that if we’re not at a peak, we’re very close to it.”

McGarry explained demand remained very strong in its aerospace and the automotive aftermarket business.

Filed Under: News Tagged With: Inflation, PPG Industries

Connect

  • Email
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Interview Sponsors

IBIS Publisher Partner

Login

Remember Me
Subscribe | Lost your Password?

Tags

AAA AASP/NJ Acquisitions Advanced Driver Assistance Systems Agreements Signed Auto Care Association Automotive Service Association Autonomous Vehicles Awards Axalta Coating Systems BASF Board of Directors Boyd Group California Canada Career and Technical Education CARSTAR CCC Collision Repair Education Foundation Coronavirus Diagnostics Donations Earnings Florida General Motors I-CAR Insurance Auto Auctions Lawsuits legislation LKQ Corporation Mitchell International National Auto Body Council Network Affiliations New Jersey New Vehicle Sales Non-OEM Parts Openings People PPG Industries Regulations Scholarships Service King Collision Repair Centers Texas United Kingdom Workforce Development

Recent Articles

  • Group of 28 Attorneys General Urge Congress to Pass Right to Repair Legislation March 28, 2023
  • Car-O-Liner Celebrates 50th Anniversary March 28, 2023
  • University of the Aftermarket Foundation Scholarship Deadline This Friday March 31 March 28, 2023
  • James O’Dell Named Assistant Director of Aftermarket Education at Northwood University March 28, 2023
  • New Nationwide Agency Forward Survey Shows Dangerous Driving Behavior Drastically Higher than Last Year March 27, 2023
  • AASP/NJ’s Northeast Trade Show Exceeds Expectations March 27, 2023
  • Insurance Association Hails Federal Legislation to Preserve Competition in Collision Repair Parts Market March 27, 2023

CollisionWeek Membership

  • Login
  • Lost Password
  • Membership Details
  • Register
  • Sponsors
  • Subscription Information
  • Terms of Use for CollisionWeek

More Information

About CollisionWeek
Contact Us
Privacy Policy
Event Calendar
Take the Collision Repair Business Conditions Survey

Copyright 1999-2023 - QuanDec Corporation - All Rights Reserved · Log in