Sun Chemical Announces 9% to 12% Price Increases Due to Substantial Increases in Raw Material Costs
Press release from the issuing company
NORTHLAKE, IL -- 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.
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