Lubrizol to raise all product prices on 16 June

06 June 2008 17:27  [Source: ICIS news]

TORONTO (ICIS news)--US specialty chemicals producer Lubrizol announced on Friday a sweeping 12-20% price increase on all its product lines effective on 16 June to help offset rising oil, natural gas and raw material costs.

 

The company's announcement was expected and comes in the wake of similar across-the-board price increases by Dow Chemical, Huntsman, PolyOne, Rohm and Haas and other producers in recent weeks.

 

"Our raw material and energy costs have been impacted significantly by the unprecedented surge in crude oil and natural gas costs, both of which have increased over 40% since early 2008,” said Lubrizol CEO James Hambrick.

 

“We continue to execute strategies designed to improve efficiencies and reduce operating costs, but it is essential that we implement price increases to recover these cost increases and sustain our viability as a valued supplier to our customers and their industries."

 

The announcement for 16 June included previously announced price increases currently being implemented in Lubrizol’s additives segment and in certain of its advanced materials products lines, it said.

 

The actual price increases were dependent upon the specific product's exposure to increasing raw materials costs and energy-related production costs.

 

Lubrizol would review all terms with its customers, it added.

 

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By: Stefan Baumgarten
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