More Chemical Firms Raise Prices Broadly

Other companies are following the lead of Dow Chemical, which recently announced it is seeking to raise prices for all of its products by up to 20% to pass along high energy costs. Ciba is launching hikes across the board, with prices for some products set to increase by more than 20%. "Further immediate price increases are needed to fully reflect the exposure of our products to unprecedented increases in raw material, energy, and transport costs," Ciba CEO Brendan Cummins says. Later this month, International Specialty Products will implement a round of 5–10% price hikes plus fuel surcharges. Plastics compounder PolyOne is raising prices by up to 20% as well. Huntsman Corp. and Rohm and Haas are also trying broad-based price increases and surcharges.