Wellman announces new polyester price increase
Casual Living Staff -- Casual Living, September 1, 2006
Fort Hill, S.C. -- Wellman, Inc. said that effective with Oct. 1, 2006 shipments it will increase the price of all polyester staple fiber products by 5 cents per pound. The price hike comes on top of the previously announced 5 cents per pound price increase that is effective today, Sept. 1.
Joe Tucker, vp Fibers and Recycled Products Group, attributed the increase to the continued rise in petrochemical raw material costs, saying, "There is continuing upward pressure on the cost of our raw materials, which have already surpassed levels recorded last year following the Gulf Coast hurricanes. We cannot absorb or offset these increases and need to work to maintain margins that allow us to continue to meet future customer needs."
Wellman manufactures and markets polyester products including Fortrel brand polyester fibers and PermaClear and EcoClear brand PET (polyethylene terephthalate) packaging resins.