AKRON, Ohio (AP) -- Rubber and plastics maker Myers Industries Inc. said Thursday it plans additional price increases across its business segments beginning in mid-July to offset escalating raw material and energy costs.
"The price increases we implemented in the first and second quarters were simply not enough to offset the magnitude and timing of the costs we are facing," said President and Chief Executive John C. Orr in a statement. "Surging energy and transportation costs led our major suppliers to announce double digit increases for July, on top of similar June increases."
The company said it will continue to assess raw material pricing, which may require Myers to take additional actions in the future.
According to CapitalIQ, Myers' customers include large retailers Staples Inc., Target Corp., Home Depot Inc. and Wal-Mart Stores Inc., among others.