FAIRLAWN, Ohio (June 2, 2008) — Veyance Technologies Inc. will boost prices of its industrial and consumer products on July 1 to help offset escalating raw material, energy and freight costs.
Prices for industrial hose, hydraulics, power transmission belts, conveyor belts and rubber track, as well as metal fittings and sprockets will be increased by between 6 and 9.5 percent, the firm told North American and export distributors.
The company also informed transportation aftermarket customers of 5-7 percent increases for its aftermarket belts, hose, tensioners and air springs.
The range is dependent on each product's exposure to rising costs.
Bob Herbolich, vice president of sales for North America, said the company has ongoing programs to manage its costs, but the persistent increases in oil- and energy-related raw material, production and transportation prices have been severe. Oil has more than doubled in price from one year ago, the firm said.