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”.