Hempel to Increase Prices 5 to 15%

Tuesday, July 13, 2004
The sharply increasing raw material costs and their influence on the global economy now forces Hempel to react.

The oil price has been increasing and is currently at a record high. The majority of raw materials used in the paint industry are oil related. Paint raw materials such as epoxy resins have, over the past months, increased markedly, some even as much as 30%. Due to the general positive trend in the world economy, the price of metal is also under pressure, in particular Zinc and Copper. These metals constitute a major part of the cost of many protective and marine coatings.

Apart from the raw material cost increases the paint industry is faced with increasing demands from both federal and local authorities regarding raw material testing and registrations. These additional tasks have an extra impact on the cost of our products.

Hempel's first reaction to increasing costs is to exploit further rationalisations and productivity increases. This has been done, however, as the trend is continuing we are no longer in a position where we can absorb the increase. Therefore, we now see no other options than to increase our prices. The increases will vary from product to product depending on raw materials used. The level will be between 5 and 15%.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Navico Acquires MARIS; Expands Portfolio

Navico Holding AS, parent company to the Simrad brand of navigational marine electronics, has reached an agreement to acquire MARIS (Maritime Information Systems A/S) from The Grieg Group.

Northrop Grumman Sponsors Maritime RobotX Challenge

Northrop Grumman Corporation is expanding its support for science, technology, engineering and math (STEM) education across the globe by sponsoring the Maritime RobotX Challenge in Singapore, Oct.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1135 sec (9 req/sec)