THE WOODLANDS, TEXAS – Feb. 27, 2024 – SI Group, a leading performance additives company, announced today a price increase applied to global products, depending on product line and region, in response to increasing transportation costs due to current global logistics disruptions. The price increase is effective immediately, or as contracts allow, and is in addition to all previously announced changes.
“In light of the evolving market dynamics, SI Group remains steadfast in our efforts to address the challenges posed by the current logistics challenges in the Panama Canal and Suez Canal," stated Joey Gullion, Senior Vice President and Chief Commercial Officer at SI Group. "While we have diligently worked to mitigate these increased costs, it has become necessary to increase prices on our products. This decision underscores our unwavering commitment to delivering superior products and services to our customers. We are actively collaborating with our global partners to ensure transparent communication regarding our action plans and to offer visibility into any incremental adjustments."
SI Group will continue to monitor market conditions and communicate regularly with valued customers. Impacted customers will be contacted directly by their SI Group Account Manager.