Flint Group’s CPS Inks division will implement a global price increase of up to 9% on offset and publication gravure inks, coatings and pressroom consumables while Sun Chemical will increase prices on all offset inks and coatings for its customers across all regions.
Flint Group said larger price increases will be required on some specialty products, such as silicones and high-performance coatings.
The company said raw material trends worldwide have led to decreased availability, and therefore increased costs, of many materials used to manufacture CPS Inks’ finished products.
This is being driven by raw material suppliers needing to adhere to stricter environmental standards as well as some suppliers consolidating and focusing on more attractive industries.
Flint Group CPS Inks chief operating officer Bill Miller said: “These factors have affected material availability and cost. This has adversely impacted the cost of manufacturing most of our key product lines to a degree that we can no longer absorb.
“This situation is very unfortunate, but needed in the current raw material climate of higher costs and reduced availability.”
Sun Chemical said its percentage increase will be in the high single digits and will vary dependent on the product composition and product line.
“The high levels of raw material costs are unprecedented and as a result make it necessary for us to keep our ink prices under review,” said Sun Chemical chief marketing officer Felipe Mellado.
“We work proactively with our supply chain partners to manage and minimise costs, but due to the economic reality, cost pressures have been constant and significant price increases are being passed on to the inks industry. To ensure we maintain high levels of product quality and service, it has become necessary to increase customer prices.”
Both companies, which also increased prices for their packaging inks and coatings last month, said they would be in direct contact with their customers to provide more detail.
Earlier this week Sun Chemical announced that it has upped its presence in the premium security inks market by acquiring specialist UK manufacturer Luminescence.