Munich, Germany-Wacker Silicones is increasing sealant product prices worldwide by an average of 15 percent, with immediate effect. Certain segments will experience larger price rises, the firm said.
The group said it has started negotiations with customers concerning the increases.
Raising prices will enable â€œfurther worldwide expansion of production capacity,â€ as well as supporting Wacker Silicones' service capability in residential sealants.
The company said it also aims to boost productivity and introduce, â€œcomprehensive cost-saving measuresâ€ to provide â€œa long-term cushion against ever-rising energy and raw materials prices.â€ These activities will ensure the continuing reliable, unrestricted supply of Wacker Silicones sealants worldwide, the firm said.