Reichhold Raises Price of Coconut Alkyd Resins
DURHAM, NC — Reichhold Inc. announced a price increase of up to $0.06 per pound on all coconut alkyd resin products manufactured in the United States and Canada for the coatings industry. This increase is effective for all orders shipped on or after February 15.
Julie Fuell, Sales Director North American Coatings, stated, “The destruction of an estimated three million coconut palm trees by Typhoon Haiyan that tore through the Philippines in November 2013 has driven up prices on coconut oil by as much as 40 percent, which necessitates an increase on our selling prices. Supply for coconut oil is expected to remain restrained for the next several years. We appreciate the understanding of our customers as we continue to do everything possible to limit the impact of rising costs and limited raw material availability upon product pricing and supply.”