The Lubrizol Corp., a specialty chemical company, today announced a global price increase for all product lines effective June 16. The majority of the increases will be in the range of 12-20%, however actual increases will depend on the specific product's exposure to increasing raw materials costs and energy-related production costs.
Over the past several years, each Lubrizol business segment has implemented numerous price increases to address rising raw material and energy costs. However, recent substantial escalations in the cost of key raw materials, production-related utilities and freight necessitate this enterprise-wide and global price action.
These new actions include previously announced price increases, which are currently being implemented in the Lubrizol Additives segment and in certain Lubrizol Advanced Materials products lines.
James L. Hambrick, Lubrizol's chairman, president and CEO, said Lubrizol's 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% since early 2008.
"We continue to execute strategies designed to improve efficiencies and reduce operating costs, but 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," Hambrick said.