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Siegwerk is increasing prices for all packaging inks and varnishes due to higher raw materials costs.
Siegwerk, one of the leading global suppliers of printing inks for packaging applications and labels, is increasing prices for all packaging inks and varnishes in North America, Latin America and Asia. This follows earlier announced price increases by Siegwerk in EMEA and the Publication Gravure division.
The industry has experienced recent sustained cost increases for quality raw materials and further increases are anticipated during the course of 2018, although Siegwerk is taking all possible actions to mitigate the effects. “Siegwerk continues to devote a large number of resources to identify efficiency mechanisms and alternate raw material sources and works closely with the overall supply chain to leverage our buying power and minimize costs whenever possible,” said Neven Bartel, Director of Global Purchasing, Siegwerk.
Rising costs of solvents and white pigments (TiO2) since the end of 2016 and more recent increased costs especially for azo (red, yellow and orange) pigments, photoinitiators, and resins for several ink series have impacted the entire ink industry. This is due to lower supply driven by stricter environmental regulations put in place by Chinese authorities and an increase in force majeure events which have further curtailed supply. The costs of chemical commodities have also been impacted by increasing petrochemical feedstocks. The outlook for chemical feedstocks into 2018 remains tight at elevated levels and any relief in availability or reduction in prices is not expected in the near future.
To ensure our customers benefit from continued high levels of quality, service and consistency, it has become necessary to pass on these higher costs. Specific price increases and segments affected will be communicated individually to customers.