The Korea Times
KCC, a leading paint manufacturer, scrapped its plan to raise paint prices Wednesday, becoming the latest company to align with the government’s push to curb inflation. “We decided to withdraw the plan to help ease consumers’ financial burden in line with the government’s price stabilization policy,” a company official said. “Although our current pricing structure results in losses with each sale, we plan to explore ways to minimize losses while closely monitoring market conditions and managing our pricing policy with the utmost caution.” KCC earlier notified its distributors of plans to raise product prices by 10 to 40 percent starting April 6, citing rising petrochemical costs following the war in Iran. However, the company reversed its decision after the Fair Trade Commission (FTC) conducted on-site inspections last month at the Korea Paint & Printing Ink Industry Cooperative, the KCC headquarters and four other paint makers. The antitrust regulator suspected collusion among the companies before their series of price hike announcements. Industry officials expect other pain
Go to News Site