New York (CNN Business) As the global supply chain crisis continues to roil the global economy, the list of impacted industries is growing by the day. The company told investors it is facing some of the same raw material shortages dogging other industries, and that is driving up the cost of the supplies it needs to make paint. "The persistent and industry-wide raw material availability constraints and pricing inflation we have previously reported have worsened, and we do not expect to see improved supply or lower raw material pricing in our fourth quarter as anticipated," said CEO John Morikis. Raw material cost increases are likely to be in the high teens on a percentage basis for the year, according to company executives, including a greater than 20% increase in the fourth quarter. The price of everything from resins and polymers used to make paint to the steel used to make paint cans are raising costs for the company.

Source: CNN September 29, 2021 13:12 UTC