Koenig & Bauer to hike prices to entire portfolio
Another company to announce a price increase is Koenig & Bauer.
The price increase is attributed to reduced availability of raw materials such as copper, plastics, additives, sheet metal and wood, and higher shipping and logistics costs.
According to the company, another reason is the global chip shortage, which is leading to reduced capacities and long lead times for industrial customers, including those outside the automotive sector.
"The price adjustment comes in an environment of increasingly scarce resources and is a necessary step to enable us to continue offering our customers the quality, customised solutions and reliable service they expect from us," said Ralf Sammeck, Member of the Executive Board at Koenig & Bauer."The global challenges facing the industry would have to be mastered together in order to maintain our innovative strength.”
The price adjustment is for its entire product portfolio.