The price increase of up to US$0.10 (10 cents) per pound will take place on 3 May 2010, or as contracts allow.
According to Gerhard Bohme, Business Director North America, Composite Polymers, for Hexion, the price increase is made necessary by ongoing increases in the cost for a wide variety of monomers and raw materials. Many raw materials are on allocation or force majure, and strong demand overseas combined with reduced refining capacity domestically keeps driving costs higher despite weak demand in North America.
Hexion Specialty Chemicals, based in Columbus, Ohio, USA, is a global producer of thermoset resins.