Songwon announces global price increases for its range of Plastic Additives

Ulsan, Korea – February 15, 2010 – Songwon Industrial, a leading developer and manufacturer of polymer additives, will increase global prices of its Songnox® antioxidants, Songlight® and Songsorb® UV stabilizers, Songstab acid scavengers as well as of its range of aminic antioxidants between 5 and 15% effective on orders received on or after April 1, 2010, or as contracts allow.

Maurizio Butti CEO of Songwon International, explained: “We have been confronted with a significant and steady increase in raw material and freight costs over the last 12 months. This has been driven by availability constraint on some key intermediates and oil prices. Unfortunately we also do not believe there will be any relief in this situation for the foreseeable future”.

“Songwon continues to identify opportunities to control costs and minimize the impact on customers however this price increase has become necessary due to the extent of the increases we have been faced with. Such costs can not be absorbed anymore without affecting Songwon’s strong commitment and ability to further invest and ensure product availability, innovation, and continuous improvements in quality and service”.

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