Horgen, Switzerland -- Dow Europe GmbH will raise prices for products in its performance plastics portfolio including performance elastomers and plastomers, engineering thermoplastics and speciality copolymers across Europe, the Middle East, Africa, and India. The company did not say how much the increases would be.
The company said, in its 9 Nov statement that the increase, which will be effective immediately or as contracts allow, was due to continued increase in feedstock costs, the sustained pressure on margins and strong global market demand.
â€œWith extremely high oil prices and no immediate relief in sight, this action is unavoidable,â€ said Isidro Quiroga, commercial vice president of Dow's Basic Plastics portfolio in Europe, India, the Middle East, and Africa, in the statement.
â€œThe cost of oil recently broke $95 a barrel. It is imperative that we restore our margins so that we can continue to invest in the manufacturing facilities and innovation activities that will support our customers into the future,â€ he added.
Dow Reichhold Speciality Latex has also announced a price increase in its products. The company said that it will raise prices on all of its speciality latex products in North America by 5-8 percent as of 1 Jan 2008 or as contracts allow.
Dow Reichhold said, in its 8 Nov statement, that this increase is separate from the previously announced increase in speciality polymers for gloves.(ss)