Huntsman Textile Effects announced that it will increase prices to become effective immediately or as soon as contracts allow.
“This price increase has become necessary in reaction to continued high crude oil, energy and transportation costs; sharply rising raw material costs caused by the removal of certain preferential export tariffs in China from July 1, 2007; and the limited availability of key raw materials from China, caused by the closure of certain production plants to alleviate the environmental impact”, said Michael Effing, Vice President and General Manager Europe, Middle East and Africa.
Consequently for Region Europe, Middle East and Africa, prices for textile dyes will increase between 10 to 20% and prices for textile chemicals will increase by approximately 5%.
“We have taken great care to avoid the need for price increases. However, these factors outside our control force us to realign our prices with the current market conditions."
"We wish to be able to continue investing to maintain our position as a lead innovator and solution provider to the textile industry. Although we are constantly taking measures to improve our productivity, these cannot compensate for all the increased costs”, Effing added.
Huntsman has committed over US$ 210 million in the last 12 months in restructuring and investments to further improve its cost competitiveness and to further improve its current levels of service in the future.
In addition, through additional investment in its on-going research and technology department, Textile Effects has strengthened its technology portfolio and platform, significantly increasing the number of exciting new products and projects within its development pipeline.
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