Flint Group Packaging Inks increased the price for its North American solvent-based business to alleviate raw material cost increases, the company said in a news release.
The price increase took effect July 15 with all Flint Group Packaging Inks products sold in the United States and Canada. Supply across a number of raw material categories has tightened, and costs have risen due to a more constrained market, the company said. Solvent costs, notably isopropyl alcohol, have risen to a level that required passing along a portion of the increase. Additionally, the market has seen significant cost increases in other raw materials such as polyamides, resins, and carbon black, the company said.
“The supply situation caused by COVID-19 had a significant impact on all industries around the world—and Flint Group was not immune to its effects,” says Michael Mosley, vice president and general manager of Packaging Inks North America. “Already rising costs, in addition to material constraints caused by the virus, have resulted in cost increases that we simply cannot bear alone.”
Mosley says the company was pleased to continue to deliver a consistent output, “despite major supply chain challenges resulting from the pandemic.”
“Post pandemic, our focus remains pinned on supplying printers with the high-quality materials needed to continue their essential package printing operations along with the technical support required to keep their operations running,” he adds.