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.