Ferro announces new round of price increases

Rising costs for raw materials and energy have prompted the porcelain enamel business of plastics and coatings maker Ferro Corp. to raise prices for North America, the company said Tuesday.

Increases are between 6 percent and 12 percent, and up to 20 percent for some specialty products. The price increases took effect Sept. 1.

Ferro cited rising titanium dioxide prices.

The manufacturer also said surcharges will remain in effect for nickel and cobalt as long as the metal prices remain volatile.

"Even with our product reformulations and substitutions and supply chain management efforts, we are unable to offset raw material, transportation and energy costs enough to avoid implementing porcelain enamel price increases this year," said Lee Gauthier, North American business director, inorganic specialties.

Ferro said in June it would raise the prices on products made by its three polymer specialty materials businesses by up to 20 percent to offset higher costs for raw materials such as petrochemical-based products, natural fats and oils and metals.

At the same time, it said it would cut 86 jobs and change its manufacturing in Brazil and other regions to cut costs.

Shares of Ferro traded at $22.50, down 44 cents, in late afternoon trading.