Troy Wade, Vice President & General Manager of Molding Products LLC, a wholly owned subsidiary of IP Corporation, is announcing a price increase on all Polyester based SMC formulations of $0.04 per pound and all Vinyl Ester based SMC formulations of $0.06 per pound effective on all material shipped on or after April 1, 2017.
This increase in price is primarily driven by the rapid increase in cost of styrene monomer due to extended shut downs causing shortages in the North American market which is of a magnitude and extended duration not seen in many years. The rapidly escalating styrene prices are being compounded by continued increases in other key raw materials of our resins in addition to our TiO2 supply which affects our pigments and colored SMC, among others. The continued tight supply and recent force majeure declared in a key resin raw material streams are having an immediate negative impact. All major resin producers have had multiple price increase announcements since January 1, 2017. Unfortunately these costs can no longer be absorbed internally. Molding Products appreciates your continued support and will do everything possible to keep these cost increases to a minimum.
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Darrell Young, National Sales Manager of Molding Products, announced today that the price of its sheet molding composite (SMC) products is increasing by $0.02 per pound. The price will go into effect on all shipments on or after April 15, 2014.
“The price of crude oil remains volatile due to continued unrest in South America and the Middle East which is driving up the price of petrochemicals and most ingredients used in the production of SMC products,” explained Mr. Young. Young also noted that continued tight supply and recent force majeure declared in several key resin raw materials streams are having an immediate impact.
“Molding Products understands the challenging market we face; however, in addition to raw material price increases, truck freight rates continue to increase with the cost of fuel and disruptions in our country’s rail network due to severe weather,” stated Mr. Young. “Molding Products appreciates the understanding and continued support of its customers and will do everything possible to keep these cost increases to a minimum”.