PARSIPPANY, N.J. (News release) - Sun Chemical will increase prices across its entire portfolio of packaging, commercial sheetfed, and screen inks, coatings, consumables, and adhesives in Europe, Middle East, Africa, effective June 1st 2022 or as contracts allow.
The unprecedented pace of inflationary cost movements continues to further impact the entire spectrum of raw material inputs and packaging components for the ink industry, while raw material availability remains an ongoing concern. The industry is additionally being hit by the current situation in Europe and China, adding up pressure onto supply/demand dynamics as well as on utilities and freight costs. Sun Chemical continues to find ways of mitigating these costs, but the magnitude and speed of cost increases requires the company to further increase prices.
"Sun Chemical's priority has been to keep supplying our products to our customers, allowing them to keep their facilities operating. We continue to leverage our global network to secure raw materials and services," said Mehran Yazdani, President, Global Packaging and Advanced Materials. "However, the competition for these resources is significant and the magnitude of the inflationary pressures cannot be overcome fully through efficiency programs. This requires us to raise further prices to our customers so that we can continue to secure the needed inputs to make and deliver quality products. Without signs of stabilization so far, the situation will need to be adjusted as it goes, and no price guarantee can therefore be given for any period".
The price increases are in addition to previously announced increases, as well as surcharges such as solvent, energy and transportation surcharges.