Dow Chemical Company announced on May 29 that it will increase product prices overall since June 1, 2008. The price increase varies according to the degree of impact of rising energy, raw materials, and transportation costs for different products. The maximum increase will not exceed 20%.
Dow Chemical Co., chairman and CEO of Dow Chemical Co., said that in order to reduce the impact of steeply rising energy and raw material costs, the entire price increase is inevitable. “Our raw material and energy costs in the first quarter of this year were a staggering increase of 42% compared to the same period of last year, and as oil and natural gas prices have continued to climb, this momentum continues. The rise in the cost of hydrocarbon feedstocks and energy has given rise to the entire value chain. With pressure, we have to re-discuss the pricing of our products with our customers."
Dow Chemical spent $8 billion on energy and hydrocarbon feedstocks in 2002. Judging from current prices, the cost in this area in 2008 will reach US$32 billion. “In addition to price increases for products, Dow Chemical continues to actively implement cost control within the company in the face of continuously escalating raw material and energy prices, and performs top-down competitive analysis of all business units and production sites.†Li Weicheng said.
Dow Chemical Co., chairman and CEO of Dow Chemical Co., said that in order to reduce the impact of steeply rising energy and raw material costs, the entire price increase is inevitable. “Our raw material and energy costs in the first quarter of this year were a staggering increase of 42% compared to the same period of last year, and as oil and natural gas prices have continued to climb, this momentum continues. The rise in the cost of hydrocarbon feedstocks and energy has given rise to the entire value chain. With pressure, we have to re-discuss the pricing of our products with our customers."
Dow Chemical spent $8 billion on energy and hydrocarbon feedstocks in 2002. Judging from current prices, the cost in this area in 2008 will reach US$32 billion. “In addition to price increases for products, Dow Chemical continues to actively implement cost control within the company in the face of continuously escalating raw material and energy prices, and performs top-down competitive analysis of all business units and production sites.†Li Weicheng said.
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