Soaring Raw Material Costs Force Price Increase
November 3, 2006 – Peoria, Illinois, USA - As a result of rapidly increasing raw material costs for all products produced using a fermentation process, PMP is forced to announce an increase in pricing for all of our core gluconate products.
PMP has made many major recent improvements which have resulted in increased efficiency in overall production and production processes. However, we are faced with staggering increases in the costs of our core raw materials, specifically liquid corn syrup. The increased sourcing of corn into the government subsidized ethanol industry has driven the price of this core raw material to levels unthinkable only two years ago. The amount of these increases cannot be supported solely by our recent improved efficiency.
The price increases will take effect as soon as possible according to our contractual agreements and obligations.