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Polymer Group announces global price increases
22
Jan '08
Polymer Group Inc announced it will increase prices on its products globally due to continued increases in raw material costs.

Price increases from suppliers to PGI continue to rise in recent periods to record highs. In certain cases, input prices have increased more than 30 percent in recent months. Both resin and fiber-based raw materials have increased dramatically, specifically polyester, polypropylene, pulp and rayon, which are key components of the company's products.

The amount of the price increases to customers will vary based on the product composition, but in most cases will be in excess of 10 percent to mitigate the increased prices the company has received from its suppliers.

"PGI is committed to providing high quality, innovative products, and excellent technical service to the market at a fair price. We continue to focus on initiatives to streamline our manufacturing processes and reduce our costs which enable us to combat rising raw material and energy costs to an extent.

However the recent unprecedented cost escalations of certain of our raw materials require further actions to ensure we can continue to serve our customers effectively. This phenomenon is not unique to PGI but is impacting our entire industry," said PGI's chief executive officer, Veronica (Ronee) M. Hagen.

Polymer Group Inc

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