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 to its North American and export distributors, Veyance outlined 6 percent 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 aftermarket customers of 5 percent to 7 percent increases on the lines of belts, hoses, tensioners and air springs. The range is dependent on each product’s exposure to rising costs.
“Six Sigma tools, lean manufacturing methodologies, supply chain initiatives and strategic procurement projects are deeply rooted in our culture,” says Herbolich. “Despite these ongoing efforts, we are unable to absorb the effects of the hyperinflation that is impacting our industry.”
This is the second Veyance price increase this year. The company earlier raised prices from 3 percent to 8 percent for its industrial and consumer channels.
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