Flint Group Packaging has revealed that it will increase the prices of all its packaging products sold by its flexible packaging, paper and board and narrow web businesses.
The company said, in a statement, that it is a result of the worsening market conditions throughout 2021, especially as the group has continued to weather unprecedented raw material, packaging, energy and freight cost increases.
Flint Group Packaging chief commercial officer Doug Aldred said escalating costs continue to be seen across all the above categories with no sign of relief in the foreseeable future.
“The security of supply is our number one priority. Due to our extensive global network and efficiency programmes, we are able to mitigate a significant portion of cost and supply risk. However, we continue to witness tightening supply and exponential cost increases,” he said.
“Despite implementing an extensive range of efficiency programs to mitigate these conditions, we are reluctantly compelled to raise prices.”
The company will seek a price increase and an increase in temporary surcharges during the first quarter or as contracts allow.
The company added that a local sales representative from Flint Group will be in contact with clients to discuss the effect of these adjustments.