Sun Chemical Announces 9% to 12% Price Increases Due to Substantial Increases in Raw Material Costs
Posted on: Thursday, 22 September 2005, 18:00 CDT
Sun Chemical today announced price increases in North America of 9 to 12 percent, depending on the specific products, due to continued and rapid increases in raw material prices as well as shortages of many key ingredients. The increases, effective October 1, will cover inks, coatings, fountain solutions and other printing consumables supplied by the company. In addition, Sun Chemical will apply surcharges where appropriate to cover costs such as energy and freight.
"Sun Chemical is proactively working with its supplier base, monitoring industry conditions and continuing internal efficiency programs to mitigate the impact of rising costs, material scarcities and transportation availability," said Michael Griem, President, North American Inks. "However, given the rapidity and scale of cost increases, we are forced to implement price increases to cover basic costs that are not expected to drop any time soon and issue surcharges by industry segment," he added.
"In North America we are operating in a challenging environment and these increases will ensure our customers can count on us to continue to offer the best total value in the industry through innovation, technology, superior service and ease of doing business," stated Wes Lucas, Chairman, President and CEO of Sun Chemical.
"These increases do not factor in the effects due to Hurricanes Rita and Katrina, enormous natural disasters, which will affect the petroleum and chemical industries in the Gulf States," said Chris Morrissey, corporate vice president, marketing. "The results of the storm recovery and rebuilding could further exacerbate supply chain problems for both the ink and printing industries," he added.
About Sun Chemical
Sun Chemical, the world's largest producer of printing inks and pigments, is a leading provider of materials to packaging, publication, coatings, plastics, cosmetics, and other industrial markets. With annual sales approaching $4 billion, Sun Chemical has over 12,000 employees supporting customers around the world.
Sun Chemical Corporation in the U.S. and Sun Chemical Limited in England are subsidiaries of Sun Chemical Group B.V., the Netherlands. Sun Chemical has headquarters in Parsippany, New Jersey, U.S.A.; Watford, England; and Weesp, the Netherlands. For more information, please visit our Web site at www.sunchemical.com.
Contacts: Chris Morrissey Sun Chemical +1 708-236-3533 Contact via http://www.marketwire.com/mw/emailprcntct?id=9163A33B566E2732 John Kalkowski Sun Chemical +1 708-236-3686 Contact via http://www.marketwire.com/mw/emailprcntct?id=5DD37330D7E5500A
SOURCE: Sun Chemical
Source: MARKET WIRE
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