In addition, the sustained shortage of available labour, along with the supply/demand dynamics in both the global and regional logistics markets, are contributing factors in driving further cost increases. Sun Chemical continues to find ways of mitigating these costs, but the magnitude and speed of cost increases require the company to increase prices to offset impacts to the business, the company said in a media statement.
“Sun Chemical’s priority throughout 2021 has been to keep our products flowing to our customers, allowing them to keep their facilities operating. We continue to leverage our global network to secure raw materials and needed services. However, the competition for these resources is significant and is driving costs higher and faster than we can overcome through efficiency programmes. This requires us to raise prices to our customers so that we can continue to secure the needed inputs to make and deliver quality products,” Chris Parrilli, president of North American Inks said.
Fibre2Fashion News Desk (GK)