Packaging Inks confirmed the implementation of a North American price increase for its solvent-based business to alleviate raw material cost increases.
The price increase will be active for all Flint Group Packaging Inks products sold in the United States and Canada and will take effect as of July 15, 2020.
Supply across a number of raw material categories has tightened and costs have risen due to a more constrained market.
Solvent costs, notably isopropyl alcohol, have risen to a level that mandates the company pass along a portion of the increase.
Additionally, the market has seen significant cost increases in other raw materials such as polyamides, resins and carbon black.
“The supply situation caused by COVID-19 had a significant impact on all industries around the world – and Flint Group was not immune to its effects. Already rising costs, in addition to material constraints caused by the virus, have resulted in cost increases that we simply cannot bear alone," said Michael Mosley, VP and GM of Packaging Inks North America. “We are pleased to have delivered consistent output despite major supply chain challenges resulting from the pandemic. Post pandemic, our focus remains pinned on supplying printers with the high quality materials needed to continue their essential package printing operations along with the technical support required to keep their operations running.
“As always, our teams will continue to mitigate, as much as possible, cost increases either through our own negotiations or continuous improvement projects.”