The Industry Division of Sika Corporation is announcing price adjustments ranging up to 10% effective August 1st. "We are announcing the adjustments as a result of the rapidly escalating petroleum based raw material, energy and transportation costs we've been experiencing.
The cost increases have been well reported in local and world news as well as the trade journals serving the adhesives and sealant industry," said Bill Loven, the division's senior vice president.
"Over the past two years we have been able to offset a number of cost increases with productivity improvements, and by simply absorbing other cost increases, but we have to pass on some portion of the most recent cost increases in order to maintain profitability targets for our shareholders," said Loven.