Dulux hikes paint prices as material costs soar

DULUX owner Akzo Nobel has hiked the price of its paints, blaming higher raw material costs for oil solvents and the white chemical titanium dioxide.

Prices were on average 5pc higher across its decorative paints division, which includes Dulux, Polyfilla and Sadolin.

Akzo chief executive Thierry Vanlancker, 54, said the strategy had helped it boost the division’s performance as he announced a 3pc fall in quarterly group revenue to £2.1bn.

Operating profits fell 23pc to £199m, mainly due to currency movements and exceptional spending. Shares fell 3pc in morning trading on the Amsterdam stock exchange.

The Dutch firm is trying to strengthen its position after fending off three takeover offers from US rival PPG last year, which angered some investors and led to the departure of ex-boss Ton Buchner.

In March it agreed to sell its speciality chemicals unit for £9bn to a group of buyers led by Carlyle Group. Akzo has recently bought the Fabryo decorative paints business in Romania and has opened a new powder coatings plant in China.