BERLIN – Beckers Group announced that the company is increasing prices for its main coil and industrial coatings product groups by up to 8% globally due to the significant rise in the cost of raw materials. The price increases will be implemented in the first quarter of 2021, or as permitted by contract.
Beckers Group reports that strong growth in coatings demand in emerging economies has led to shortages worldwide, which over recent years have fueled a rise in traditional raw material costs. According the company, it absorbed many of the escalating costs through cost control measures and strong support from the Procurement and R&D teams. Beckers Group reports that the recent escalating rise in the cost of raw materials is forcing it to adapt pricing to the market changes to maintain the same service level.
Christophe Sabas, CEO of Beckers Group, emphasized the severity of the inflation on raw materials during the last quarter and the forecast for the rest of the year. "Not only is Beckers facing a historic price increase in its key raw materials, but we are also dealing with tension in the supply chain on some products. Our teams are implementing all the actions needed to mitigate this risk; nevertheless, we have to offset the soaring rise in raw material costs by increasing our prices. This will allow Beckers to continue to deliver the same level of service, secure the supply chain, and maintain our product quality," said Sabas.
Details of the price increases will be communicated directly to customers for all affected product groups.
Learn more at www.beckers-group.com.