Flint Group Packaging announced its intention to increase the prices of its ink and coating products effective April 1, 2021.
The company says it is facing a turbulent set of supply chain conditions, exacerbated by the global pandemic. A statement from a company notes that costs are increasing and supply is tightening across almost all procurement categories. Multiple petrochemical derivatives — such as resins and solvents; pigments; and freight — are three of the most volatile areas.
Doug Aldred, president of Flint Group Packaging Inks says, “The unusual set of supply chain conditions currently witnessed are some of the most severe I have seen. Our business is facing substantial cost and availability headwinds, across multiple raw material categories. Resins, solvents and pigments (including titanium dioxide), are particularly problematic”.
The company says it continues to collaborate with all its global supply chain partners in order to mitigate as many negative effects as possible. However, recent upstream force majeure announcements and the acute global freight imbalance is impeding some corrective actions.
“Regrettably, despite our tenacious efforts to offset cost and risk for our valued customers, the pronounced and prolonged pressure — experienced in some categories since mid-2020 — has forced us to act. Some raw materials, such as UV resins, additives and pigments, are reaching cost peaks not witnessed in the last 10 years or more,” says Emmanuel Bareaud, president of Flint Group Narrow Web.
The company’s statement says that it continues to invest in its assets, capabilities and operating procedures to negate the adverse supply chain circumstances wherever feasible.
Visit www.flintgrp.com for more information.