Hexpol Compounding North America said it will raise prices by an average of 3.5-5 percent for all rubber compounding services beginning Jan. 1.
The increases reflect the current market dynamics, specifically the rising cost in certain key raw materials, freight, packaging and other factors, according to Tracy Garrison, president and CEO of Hexpol's North American compounding business.
Each region also is looking at the impact of new and proposed tariffs while preparing value added/value engineered cost alternatives as a way to mitigate continued inflation, the company said in a news release.
"We are committed to a very high level of service, excellent products and long-term sustainability which exceeds our customers growing demands," Garrison said.
Hexpol Compounding North America is part of Sweden's Hexpol A.B. group and operates from 17 locations in the U.S. and Canada, according to information on the parent firm's website.
For 2017, Hexpol's global compounding revenues were about $1.3 billion, with nearly 65 percent of that coming from NAFTA, according to company financial filings.