Sika Corp announces price increases to take effect in August 2004. According to the Lyndhurst NJ-based company, this action is required due to significant increases in oil and natural gas prices over the past several years and its subsequent impact on downstream costs of raw materials, energy, packaging, and transportation. Sika has absorbed some of these costs and offset others with productivity improvements, yet to maintain customer service at acceptable profitability, these increases are required.
To minimize the impact in various market segments, in-creases will not be across the board. Pricing will be adjusted by product on a selective basis. Most increases will range from as little as 2% and may be as much as 10% on some products. Individual Sika businesses are advising their customers on the specifics.