PolyOne Corporation (NYSE: POL), a leading global provider of specialized polymer materials, services and solutions, today announced price increases of up to 20 percent, a result of the ongoing, unprecedented escalation of costs associated with raw materials, energy and transportation.
The price increases will apply across all PolyOne business units and geographies, and took effect June 1 or will take effect June 15 or July 1, 2008, as current agreements allow. Specific price adjustments will depend upon each product’s exposure to these cost increases.
“In the past week, major industry suppliers have announced significant price increases on key raw materials. These well-publicized increases and substantial escalation of energy and distribution costs have put considerable pressure on everyone in the value chain to move prudently to mitigate their effects,” said Stephen D. Newlin, chairman, president and chief executive officer.
“We owe it to our customers to provide them with solutions that create value and help them manage their total cost of operations. We’re doing everything we can through our focus on operational excellence and supply chain efforts to reduce cost pressures. However, these recent developments compel us to take pricing actions that enable us to continue to support our customers with industry-leading products, services and support.”
| David Honeycutt Director of Marketing Communications +1 440-930-3154 david.honeycutt@polyone.com |
