Great Lakes Solutions, a business of specialty chemicals maker Chemtura Corp. (CEMJQ.PK, CHMT), late Wednesday announced a price increase of up to 20 percent across its bromine-based businesses, effective immediately or as soon as contracts allow.
According to the company, this price increase is necessary to restore reinvestment economics across the businesses and to address year-over-year raw material inflation. Record high prices for benzene in the U.S. and Europe have been driving inflation through the supply chain, impacting several raw materials, the firm noted.
"Additionally, very low inventory levels for many commodities have increased the volatility of pricing across several categories. And while we are all aware of the impact of shale gas on U.S. energy, the reality is that natural gas pricing is now double what it was at this time last year, driving energy costs up," Keith DuPont, vice president and general manager of Great Lakes Solutions, said.
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