In response to ongoing logistics challenges, chemical manufacturing company SI Group has announced it is hiking prices on its additives. Costs will go up based on the product and region where it is being shipped. The price increase is effective immediately, or as contracts allow, the Woodlands, Texas, company said.
“In light of the evolving market dynamics, SI Group remains steadfast in our efforts to address the challenges posed by the current logistics challenges in the Panama Canal and Suez Canal," said Joey Gullion, senior VP and chief commercial officer at SI Group. "While we have diligently worked to mitigate these increased costs, it has become necessary to increase prices on our products. This decision underscores our unwavering commitment to delivering superior products and services to our customers. We are actively collaborating with our global partners to ensure transparent communication regarding our action plans and to offer visibility into any incremental adjustments."
