July 17, 2008
Kuraray America’s Eval Business Unit Announces EVAL(TM) EVOH Product Line Price Increase
Kuraray America Inc.'s Eval Business Unit announced today that it will raise the price of all of its EVAL(TM) EVOH products, resins and films, by $0.45/pound. This increase will be effective on September 1, 2008, or as soon as agreements allow.
George Avdey, EVAL Business Unit President, said these increases are necessary in response to the astounding and sustained increases in energy, raw materials, utilities, packaging, transportation, and other costs."Despite our best efforts to mitigate these unrelenting increases in the global cost of oil, natural gas and petrochemical derivatives through productivity improvements, cost controls, energy recovery projects and efficient capital expansions, we must take this action to maintain a stable supply of products, now and in the future. We will meet global demand for barrier solutions in food packaging, which continues to grow, as our customers innovate to meet the requirements of brand owners."
Kuraray Co. Ltd., with annual sales of $4.2 billion and 7,000 employees worldwide, is engaged in a broad array of unique businesses. Its subsidiary, Kuraray America, Inc., supplies the Western Hemisphere with materials including isoprene-derived products such as thermoplastic elastomers (Septon(R)), pharmaceutical and agricultural chemical intermediates and aroma chemicals, as well as dental materials, activated carbon, Vectran(R) fiber, Amaretta(R) synthetic suede, Genestar(R) Nylon 9T, Poval(R) PVOH resins, EVAL resins, EVAL(TM) films, and KURARISTER(R) films. Kuraray's proprietary products that boast top share in their markets compose about 50% of Kuraray's net sales, as well as 48% of overseas sales, with global growth continuing.
The EVAL Business is designated a "core business" in Kuraray's "GS-21" medium-term business plan, now in its final year, because of the uniqueness and competitiveness EVAL displays worldwide. Kuraray has endeavored to expand these operations, and, through exacting responses to market needs, the development of new products, and the development of new markets, the Company is working to consolidate its position as a global leader in the gas-barrier related business domain.