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 North America, effective immediately or as contracts allow.
The inflationary environment in North America has continued to impact the ink industry. Global geopolitical events have caused sustained pressure on logistics availability and have increased the costs to unprecedented levels. The constrained accessibility to labor in the market has driven significant wage inflation while contributing to inefficiencies at manufacturing facilities.
Key raw materials continue to experience scarcity while steel shortages drive costs for steel drums and other packaging components to historic highs. Sun Chemical continues to seek mitigation strategies to these cost increases, however, the magnitude and speed of increases require further action to offset impacts to the business.
"Our team continues to focus on ensuring a steady flow of our products to customers," said Chris Parrilli, President of North American Inks. "Sun Chemical's global reach has helped secure the raw materials needed to maintain production, however, the costs to secure those materials, manufacture our products, and deliver them to our customers has reached a level that requires Sun Chemical to take this price action. Global events will continue to influence our strategies and actions as we evaluate every opportunity to mitigate these inflationary events and deliver on the expectations our customers have for reliable supply of our products to their facilities."
Sun Chemical will communicate specific increases directly with its customers. Customers with questions can reach out to their local Sun Chemical sales representative.