LYNGBY, Denmark — Coatings manufacturer Hempel recently announced it would increase sales prices of products and solutions as raw material prices continue to escalate. The company reports that the cost of key raw materials used in the manufacturing of coatings is significantly higher compared to the beginning of 2020, and the trend is continuing.
"We're witnessing an ongoing rise in prices for key raw materials due to increased global demand for feedstock as well as logistic challenges. This has a heavy impact on global supply and contributes to higher prices," said Michael Hansen, Executive Vice President & Chief Commercial Officer at Hempel.
Hansen continued, "We have made every effort to control and absorb the increases over the last 12 months. It is no longer possible for us to fully absorb the effects as raw material prices continue to rise. We have no other option than to increase the prices of products and solutions. Our focus remains on delivering value to and serving our customers across the world."
For more information, visit www.hempel.com.