GLATFELTER’S COMPOSITE FIBERS BUSINESS UNIT ANNOUNCES 7% PRICE INCREASE
Gernsbach, Germany – October 23, 2018 – Glatfelter (NYSE: GLT) announced today its Composite Fibers Business Unit will increase prices by 7% for all its products, effective November 19, 2018.
The decision is a direct result of substantial and ongoing global price increases for key raw materials including pulp, synthetic fibers, viscose and other chemicals. Furthermore, the Company does not see any near-term relief from this input cost inflation. Escalating energy and transportation costs further compound the inflationary situation.
“Glatfelter has made extensive efforts to reduce costs and increase efficiency,” said Martin Rapp, Senior Vice President and Business Unit President, Composite Fibers. “However, these initiatives alone are not enough to offset the impact of the external pressures. Therefore, we are implementing price adjustments to ensure our continued ability to supply best-in-class products, innovation and service.”
Glatfelter (NYSE: GLT) is a leading global supplier of engineered materials. The Company’s high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. Headquartered in York, PA, the Company’s annualized net sales approximate $950 million with customers in over 100 countries and approximately 2,600 employees worldwide. Operations include eleven manufacturing facilities located in the United States, Canada, Germany, France, the United Kingdom and the Philippines. Additional information about Glatfelter may be found at www.glatfelter.com.