PHILADELPHIA (AP) -- Pulse Electronics Corp. plans to raise its component prices in the coming weeks due to rising raw material costs and higher minimum wage rates taking effect in many parts of China soon.
The electronics component maker said Tuesday it has increased prices on some parts of its business. "We will also implement a broader price increase across most of our customer base and in our distribution channel in April," Dan Jackson, vice president of sales, said in a statement.
Last month Pulse Electronics named Ralph E. Faison as its president and CEO. He replaced Drew Moyer, who had served as interim CEO since August. Moyer returned to his role as CFO.
Many businesses have recently indicated that they may be boosting prices to help deal with rising costs. Among them are Kellogg Co., Colgate-Palmolive Co., Procter & Gamble Co. and Clorox Co.
Shares of Pulse Electronics slipped 7 cents to $5.30 in afternoon trading.