Songwon announces global price increases for its range of Plastic Additives

Ulsan, Korea – August 18, 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 September 1, 2010, or as contracts allow.

Jongho Park CEO of Songwon Industrial, explained: “Raw material costs have been steadily increasing over the last year and a half which is being driven in many cases by strong demand and availability constraints. The current trend in raw material cost increases is expected to continue and we do not expect any relief for the foreseeable future. Although Songwon continues to identify opportunities to control costs and minimize the impact on customers, we have been forced to implement the latest price increase as our costs have driven profitability well below an acceptable reinvestment value.This can not be absorbed anymore without affecting Songwon’s strong commitment and ability to further invest to ensure product availability, innovation, and continuous improvements in quality and safety”.

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