The US-headquartered manufacturer said the unprecedented pace of inflationary cost movements continues to impact “the entire spectrum of raw material inputs and packaging components for the ink industry”, while raw material availability remains an ongoing concern.
It added the sustained inflation of utilities and the supply/demand dynamics in both the global and regional logistics markets are contributing factors in driving further cost increases.
Sun Chemical said it continues to find ways of mitigating these costs, but that the magnitude and speed of cost increases require the company to increase prices to offset impacts to the business.
“Sun Chemical’s priority throughout 2021 has been to keep supplying our products to our customers, allowing them to keep their facilities operating. We continue to leverage our global network to secure raw materials and needed services,” said Mehran Yazdani, president for Global Packaging and Advanced Materials.
“However, the competition for these resources is significant and the magnitude of the inflationary pressures is higher and faster than we can overcome through efficiency programs. This requires us to raise prices to our customers so that we can continue to secure the needed inputs to make and deliver quality products. Without signs of stabilisation so far, the situation will need to be adjusted as it goes, and no price guarantee can therefore be given for any period.”
Sun Chemical said it will communicate specific increases directly with its customers, while any questions can be answered by local Sun Chemical sales representatives.
Earlier this month Sun Chemical acquired SAPICI, a specialist in high-performance polyurethanes for coatings, flexible packaging and industrial adhesives.
