Plastics maker A. Schulman raises prices

Tag : Raw Materials

Plastics supplier A. Schulman Inc. said Friday it will raise prices by as much as 20 percent in threedifferent business units to offset ballooning costs for rawmaterials and energy.
The company sells plastics and masterbatch color additives fortoys, packaging and household goods, as well as flame retardantused in phone systems and household appliances. It also makesengineered plastics for automotive parts and sporting goods.
The company will raise prices by up to 10 percent for itsmasterbatch products, by up to 20 percent for engineered plasticsproducts and up to 10 percent for its distribution division. Thechanges are effective Aug. 1 or when allowed by contracts.
The price hikes are on top of increases of as much as 20 percentthat were announced for the masterbatch and engineered plasticsdivisions on June 13.
"We are doing all we can to alleviate the effects of the continuingand unprecedented increases in raw material, energy and shippingcosts, and the subsequent pricing pressure we are seeing fromsuppliers," Chief Executive Joseph Gingo said in a statement.