A. Schulman Inc. plans to raise prices by up to 20 percent for products in two of its divisions to offset higher raw-material costs, the supplier of plastic components and resins said Friday.
The company said it will boost prices June 16 in its Masterbatch unit and on July 1 in its engineered plastics division.
"Despite ongoing efforts to alleviate the effects of the extraordinary rise in raw material, energy and transportation costs, we have reached a point where the only reasonable course is to implement these price increases," Chief Executive Joseph Gingo said in a statement.
Oil, which has reached record prices in recent weeks and been persistently high for more than a year, is used to make plastics.
A. Schulman shares rose 72 cents, or 3.2 percent, to $22.92.
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