Luvata increases prices in response to market conditions
November 6, 2008 - London
As a result of challenging market conditions, Luvata Group has experienced an increase in the costs of handling and sourcing metals as well as in the fabrication of its products. Consequently the Group, an international leader in metals and manufacturing in a wide range of industries, is announcing to its customers that the situation will be reflected in increased prices.
Luvata has stated that it remains highly committed to quality and reliability but can no longer reasonably absorb all of these costs; particularly noting volatility in the price of metals and a subsequent increase in the costs of risk management as well as other input costs. The price increases will vary across the Group’s many market segments and regions according to combinations of these factors and will be negotiated with each customer as appropriate.
John Peter Leesi, CEO and President of Luvata Group stated: “The current state of the world economy demands that we take the right decisions. This will be unwelcome news but the ability of Luvata to maintain the strength and quality of its supply is essential to its customers. We always aim to maximise the added value we bring to our customers and we will continue to work with them in order to improve their profitability.”
- end -
Luvata is a major international supplier of solutions, services, components and materials for manufacturing and construction. Luvata’s solutions are used in industries such as power generation, renewable energy, telecommunications, architecture, automotive, medicine, air-conditioning, refrigeration, and a wide range of consumer products. The company’s continued success is attributed to its longevity, its technological excellence and strategy of integrating with its customers’ businesses. Employing 8,500 staff in 18 countries, Luvata works in partnership with customers such as Siemens, Toyota, CERN, Shaaz, and DWD International.