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Reichhold is increasing prices by $0.06 per pound on all unsaturated polyester and vinyl ester resins sold in North America for the composites industry.
This increase is in addition to all previously announced price increases and is effective for all orders shipped on or after December 20.
Key raw material prices continue to escalate beyond our ability to absorb these additional costs and a price increase is necessary, said Al Naser, Reichhold commercial vice president, Composites North America. Critical feedstock prices have risen driven by the price of crude oil; feedstock demand has increased in China; and supply restrictions due to operating difficulties in several regions of the world have all contributed to apply upward pressure on the prices of many of our key raw materials, Naser continued. Furthermore, the continued spread between natural gas and crude oil prices has caused the yields of critical feedstocks to be significantly reduced at many North American refineries, Naser added.
We appreciate the understanding of our customers as we work to minimize the impact of rising costs upon product pricing, Naser added. At the same time we are making the investments necessary to continue the supply of innovative and high quality products and services which add value for our customers and increase their competitiveness in the markets they serve, he concluded.
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