The actual price increases will be dependent upon the specific product’s exposure to increasing raw materials costs and energy-related production costs. Lubrizol is expected to review all terms with its customers.
This action includes previously announced price increases currently being implemented in Lubrizol’s Additives line and in certain Advanced Materials product lines.
Over the past several years, each Lubrizol business segment has implemented numerous price increases to address rising raw material and energy costs. Lubrizol noted that substantial escalations in the cost of key raw materials, production-related utilities and freight necessitate this enterprise-wide and global price action.
James Hambrick, Lubrizol’s chairman and CEO, said: 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% 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.
