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The current market environment is dealing with higher energy costs, dramatic increases in raw materials, and changing currency exchange rates. This has influenced Solomon Colors to announce an anticipated price increase in the third and fourth quarters of 2011 for all dry, liquid and granular products. The US Government has been pressuring China to raise the value of their currency (Yuan) against the US Dollar to make trade fairer to American businesses and exporters. This is now happening and will continue into the future. While this helps our exporters, it has a direct effect on the costs of those of us who import basic raw materials for the manufacture of our Finished iron oxide products. The dollar has been devalued against most currencies in the world over the last few years. What this means is that exporters of basic iron oxide pigments will also sell their goods where they get the best return and right now that is not the US because of the currency issue. Their alternative is to continue to raise prices to US buyers. “We are a company built on providing exceptional service to our customers, while focusing on research and development to improve the quality and dependability of every product we manufacture,” said Rich Solomon, CEO of Solomon Colors. “That mission will continue despite global economic pressures that have affected many in our industry.” |
