Bostik to raise prices globally between 5 to 7% (excluding currency effects) depending on grades and production location for Hygiene, Paper and Cardboard specialty adhesives.
With effect on 15th of April 2024, Bostik, a leading global adhesive specialist for industrial, construction and consumer markets, announced today it will increase prices in accordance with its contractual commitments on Hygiene, Paper and Cardboard specialty adhesives (Hot melt, Hot Melt Pressure Sensitive and Water based technologies). Such evolution will be applicable to orders with a requested delivery date of April 15, 2024 or later.
This increase is a result of inflation on manufacturing and transportation costs, which have affected the cost of doing business across the adhesive industry.
Since last year, the costs & supply of raw materials have been worsening significantly.
The chemical industry is facing :
- unforeseen and persisting headwinds on maritime freight (Red Sea attacks, bottlenecking effects on Suez & Panama canals)
- shortages due to very low production rates, many crackers and plants running under the standard levels
- additional taxes set up by China on raw materials made from crude oil derivatives (C5/C9 raffinates)
To date, Bostik has done its best to absorb the impact and minimize the disruption to customers. However, despite the company’s best efforts, it will be necessary to share the economic burden to ensure business continuity.
“On behalf of Bostik, we extend our appreciation to our customers for their understanding and continued business,” said Global Business Unit Senior Vice President, Jeffrey Merkt. “We also want to assure them of our continuing commitment to provide them with the highest quality products, technical expertise and dedicated customer service and that we will keep doing our best to minimize the cost impact on them as much as possible going forward.”
Bostik teams are and will remain fully mobilized to work with their valued customers aiming at mitigating those increases. Commercial representatives will reach out to individual customers to discuss specific details.