SCHENECTADY, N.Y.—SI Group Inc. will increase prices for all phosphite antioxidant products by up to 50 percent, depending on the product line and region.
SI Group, a global chemical manufacturing company in the innovative technology of performance additives, said in a Sept. 30 news release that the price increase will affect Alkonox, Weston, Ultranox and Anox NDB blends that contain these product brands. The price increase is effective immediately—or as contracts allow.
"Amid major raw material shortages and rising global supply chain costs, the price increase enables SI Group to continue investing in serving its valued customers," the New York-based company said in the news release.
Chuck Reardon, vice president of SI Group's Plastics Solutions, said in the release that the raised price reflects the company's commitment to the market.
"In light of the dynamic market conditions, we're dedicated to delivering high-quality products backed by security of supply to our customers," he said. "This price increase supports our ongoing investment and commitment to the plastics and elastomers markets."
SI Group is made up of 24 facilities across five continents and serves 90 countries with 2,800 employees worldwide. The global company's sales representatives will communicate new pricing information with existing customers for all affected products, according to the news release.