The percentage increase will be in the high single digits and will vary dependent on the product composition and product line. Sun Chemical will communicate specific increases directly with customers.
Since the end of 2016, costs have risen on an annual basis and further increases are expected for the remainder of 2018. These are mainly due to production and environmental restrictions on key materials, especially in China where there has been an unprecedented number of force majeure incidents and escalations in the prices of oil, solvents, distillates and pigments.
"The high levels of raw material costs are unprecedented and as a result make it necessary for us to keep our ink prices under review," said Felipe Mellado, Chief Marketing Officer, Sun Chemical. "We work proactively with our supply chain partners to manage and minimize costs, but due to the economic reality, cost pressures have been constant and significant price increases are being passed on to the inks industry. To ensure we maintain high levels of product quality and service, it has become necessary to increase customer prices."