“The hyperinflation of oil and natural gas has led to dramatically higher energy, raw material and freight costs,” said Myron Petruch, president, Performance Pigments, Sun Chemical. “In addition, there have also been dramatic cost increases in intermediates and pigments out of China and other parts of Asia. Costs are escalating quicker and in higher amounts than at any time in the last 30 years.”
This price increase is in addition to the price increases announced in February 2008, and will affect pigments in all forms, including dry, preparations and flushes.
“There is no short-term relief in sight for these rising costs. However, we will continue to look for cost reduction and productivity gains to offset the rising costs of raw materials,” Mr. Petruch said.