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Press Release
Hollingsworth & Vose Implements Energy Cost Recovery Price Increases
East Walpole, MA, USA September 16, 2005: The unprecedented increase in the costs of natural gas and oil since 2003 has had a dramatic impact on the expenses Hollingsworth & Vose Company incurs to operate its production facilities and the prices the Company must pay for many of its raw materials and freight. The Company can no longer continue absorbing these increased costs and will be implementing energy cost recovery price increases effective October 8, 2005.
“Through our internal productivity and quality improvements, we have worked in recent years to offset most of our cost increases and provided our customers with relatively good price stability,” said Val Hollingsworth, President and CEO. “However, this latest round of energy driven cost increases is too much for us to absorb. We regret the necessity to adjust prices but are forced to do so unless and until oil, natural gas, and energy dependent raw material costs return to substantially lower levels.” The amounts of the increase will vary by product depending on the energy related impact. This information will be conveyed to customers by the appropriate business unit management teams in the next few days.
Hollingsworth & Vose Company, established in 1843, is a global leader in the supply of technically advanced filtration media, battery separator materials and industrial nonwovens. The company operates 12 manufacturing sites, 7 research centers in Europe and North America, and has recently announced the formation of a subsidiary company in China.
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