FAIRLAWN, Ohio, May 30 /PRNewswire/ -- To help offset rapidly escalating raw material, energy and freight costs, Veyance Technologies, the exclusive manufacturer and marketer of Goodyear Engineered Products, is boosting prices of its industrial and consumer products, effective July 1.
In letters sent this week to its North America and export distributors, Veyance outlined 6.0 to 9.5 percent price increases for its industrial hose, hydraulics, power transmission belts, conveyor belts and rubber track, as well as metal fittings and sprockets.
It also informed transportation aftermarket customers of 5.0 to 7.0 percent increases for its aftermarket belts, hose, tensioners and air springs. The range is dependent on each product's exposure to rising costs.
Bob Herbolich, vice president of sales for North America, said the company has ongoing programs to manage its costs, but the persistent increases in oil- and energy-related raw material, production and transportation prices have been severe. Oil has more than doubled in price from one year ago.
"Six Sigma tools, lean manufacturing methodologies, supply chain initiatives and strategic procurement projects are deeply rooted in our culture," said Herbolich. "Despite these ongoing efforts, we are unable to absorb the effects of the hyperinflation that is impacting our industry."
He added that this is the second price increase announced by Veyance this year. The company earlier raised prices from 3.0 to 8.0 percent for industrial and consumer channels.
Veyance Technologies has 35 manufacturing facilities worldwide and employs 9,000 associates.