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Hempel announces price increases
As raw material prices continue to increase in 2018,leading coatings manufacturer Hempel announced today increases in sales pricesof selected products.
Over the past two years, the cost of many raw materials used in themanufacturing of coatings has continued to rise.
In the last six months alone, for example, the cost of epoxy hasincreased by 20 per cent in Europe and North America and as much as 58 per centin the Middle East and South & East Asia (source: ICIS Pricing and TechnonOrbichem). In the same period, the price of zinc has increased nearly 15 percent globally, reaching a ten-year high at the start of 2018 (source: LondonMetal Exchange).
“There are regional differences, but overall global prices are clearlyrising,” explains Michael Hansen, Executive Vice President & ChiefCommercial Officer at Hempel.
He continues: “We have done our best over the past months to absorbthese price increases and limit the effect on our customers. We are workingclosely with our suppliers, our R&D and our manufacturing set-up, butincreasing prices is a reality and the trend is clearly continuing. We have noother option than to increase the prices of some of our products in ourprotective, marine, container, yacht and decorative segments.”