Chemical companies continue to crank prices for materials used in the manufacture of lubricants. Several suppliers announced increases recently, with some saying they need better margins to help pay for new investments. One blamed its action in part on Hurricane Katrina.
Chemtura Corp. said it will raise global prices on phenolic antioxidants by 18 percent on Oct. 1 and that it will impose worldwide markups of 70 cents per kilogram on phosphorus-based lube additives and fire-resistant fluids on Oct. 15. Explaining the former hike, the Middlebury, Conn., company cited continued increases in costs for raw materials, energy and transportation. Management said it also acted to meet baseline profitability and an anticipated need for additional investment required to sustain these businesses.
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