BEACHWOOD, Ohio—Omnova Solutions Inc.'s Paper, Carpet and Specialty Ingredients businesses are boosting prices of all latex products sold in North American markets by 3 cents a pound.
The price increases are effective Jan. 1.
The price hike is needed “to begin to offset unrecovered costs incurred in serving these markets and support a more sustainable business model that can better serve the present and future needs of our customers,” according to Anne Noonan, president of Omnova's Performance Chemicals segment.
In July 2013, the Beachwood-based firm launched an investment plan to convert styrene butadiene capacity at its Mogadore, Ohio, plant to the production of styrene acrylics. The project is expected to be completed by the second quarter of 2015.
In order to invest in innovative solutions to provide the best product portfolio possible, Noonan said, “we must address our cost structure and generate acceptable returns to allow reinvestment.”