AKRON, Ohio (AP) -- Plastics supplier A. Schulman Inc. said Friday it will raise prices by as much as 20 percent in three different business units to offset ballooning costs for raw materials and energy.
The company sells plastics and masterbatch color additives for toys, packaging and household goods, as well as flame retardant used in phone systems and household appliances. It also makes engineered plastics for automotive parts and sporting goods.
The company will raise prices by up to 10 percent for its masterbatch products, by up to 20 percent for engineered plastics products and up to 10 percent for its distribution division. The changes are effective Aug. 1 or when allowed by contracts.
The price hikes are on top of increases of as much as 20 percent that were announced for the masterbatch and engineered plastics divisions on June 13.
"We are doing all we can to alleviate the effects of the continuing and unprecedented increases in raw material, energy and shipping costs, and the subsequent pricing pressure we are seeing from suppliers," Chief Executive Joseph Gingo said in a statement.