SI Group announces price increase to offset rising freight costs

The Woodlands, Texas?- Performance additives manufacturer?SI Group is raising prices applied to its global products, depending on product line and region.

The price increase is effective immediately, or as contracts allow, and is in addition to all previously announced changes, SI announced 26 Feb.

The Texas-based group said the hikes aimed to address the rising costs due to “the current logistics challenges in the Panama Canal and Suez Canal."

"While we have diligently worked to mitigate these increased costs, it has become necessary to increase prices on our products,” said Joey Gullion, SVP and chief commercial officer at SI Group.

The US supplier said it is “actively collaborating” with global partners to ensure transparent communication and to offer “visibility into any incremental adjustments."