Great Lakes Chemical Eliminates Price Protection For Flame Retardants And Brominated Performance Products
Great Lakes Chemical Corporation announced that it has eliminated all price protection mechanisms such as firm pricing, price caps, and price increase delays for its flame retardants and bromine performance products until further notice.
"This immediate pricing action is due to the persistent and extremely volatile costs for key raw materials and energy. Future outlook is highly uncertain and significantly impedes our ability to predict costs," stated Angelo Brisimitzakis, executive vice president of flame retardants and brominated performance products. "Given these conditions, as contracts allow, Great Lakes finds it necessary to remove all price protection effective immediately and in conjunction with previously announced price increases."
Additionally, the company will impose an immediate worldwide $0.30 per kilogram price surcharge on all phenol containing phosphate esters. This surcharge is due to unprecedented price increases for phenol raw material driven by relentless cost increases in the oil and oil derivatives (i.e. Benzene) markets.
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