Cleveland, Ohio - The Lubrizol Corp. will increase prices on all product lines effective June 16 to address rapidly escalating raw material costs, the company said, 6 June.
The price increases will depend on the specific products exposure to increasing raw material and energy-related production costs. The majority of these increases will be from 12 to 20 percent, Lubrizol said, adding that all terms with customers will be reviewed.
"Our raw material and energy costs have been impacted significantly by the unprecedented surge in crude oil and natural gas costs, both of which have increased over 40 percent since early 2008, said James Hambrick, Lubrizol chairman, president and chief executive officer. He added that, while Lubrizol continues to strive for better efficiencies and reduced operating costs, "it is essential that we implement price increases to recover these cost increases and sustain our viability as a valued supplier to our customers and their industries."