KaMin LLC and CADAM SA announced today that they will increase prices for their performance minerals in their global markets up to 10% effective September 27, 2021 or as markets and contracts allow. These increases will vary depending on product, packaging, and delivery terms.
Changes in the overall labor market, energy supply, and impacts on incoming and interplant logistics have resulted in accelerating cost pressures across our business. This is in addition to increases in mining costs as well as new environmental and global compliance costs. Over the last year KaMin/CADAM have made significant additional investments in our continuous improvement initiatives attacking costs across the business, but unfortunately these efforts have not been able to keep up with the pace of inflation. At this time, we need to pass these costs through to our customers to ensure KaMin/CADAM can continue to deliver on its vision to be the global leader in performance minerals.
These increases are in addition to our container service surcharge that was announced in February that is being used to partially offset increases in the cost of delivering our products to our customers.
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