Dow Footwear Solutions responds to prices increase
The Dow Chemical Company recently announced a rise in prices of its products by up to 20% (depending on their exposure to rising energy, feedstock and transportation costs) effective from June 1, 2008. The company said it would review all terms with customers.
Following this announcement, Dow Footwear Solutions, a newly formed business unit of the company, is making further response to its customers in the footwear industry.
Tony Frencham, general manager of Dow Footwear Solutions commented: "The step-change increase in hydrocarbon and energy costs necessitates that we take immediate action to ensure the health of our business. We know our price increases come at a difficult time for many in the footwear industry, however we simply must recover these steeply escalating costs if we are to continue to be able to invest in supporting our customers.
"It is at times like these that we need to re-focus our efforts on new technologies and solutions that reduce manufacturing costs and deliver footwear with enhanced consumer appeal. We will be working with our customers to help them commercialise new features while at the same time reducing manufacturing steps and raw material usage so that we can mitigate these cost pressures."
