Iconex Announces Price Increase
DULUTH, Ga., June 24, 2021 (Newswire.com) - As Iconex has communicated throughout the year, rapid cost escalation continues to be a major factor in the receipt paper market. The impacts of rising material costs, transportation, and the USITC preliminary duties ruling are clearly affecting the market in both cost and supply availability.
In the last week, the three largest suppliers have announced a 3rd price increase of 10%. The increase from Koehler and Domtar is effective on Aug. 1, however, the Hansol increase is effective immediately. Each of these suppliers cite that these cost increases are necessary to support the new market demands after the exit of Japanese and Spanish suppliers.
These increases are being validated by the current availability of supply. Iconex is working very closely with each of its suppliers to ensure that we maintain the supply necessary to serve our customers without interruption. As you may recall we implored a similar and successful strategy during the leuco dye crisis of 2018. Due to the constrained availability in the market, our ability to leverage buying power to mitigate these increases on your behalf are non-existent.
Due to the immediate market increase announcements, Iconex will be implementing price increases across all orders for receipt paper products shipped on or after Aug. 1, 2021. The increases will correspond with the 10% market announcements referenced above.
About Iconex
Iconex is the leading low-cost provider of paper receipt and differentiated label solutions essential to daily commerce. A tradition of innovation dating back to 1887 is woven into the fabric of Iconex's identity beginning with the company's invention of the paper receipt, which revolutionized business transactions. Most recently, Iconex transformed the industry with the introduction of its Sticky Media®, a product that has enabled the Quick Service Restaurant industry to streamline operations, leading to an improved customer experience. For more information, please visit www.iconex.com. Iconex and Iconex Sticky Media® are trademarks of Iconex, LLC in the United States and other countries. All other trademarks and/or registered trademarks are property of their respective owners.
Media Contacts:
Iconex
Communications@iconex.com
Source: Iconex, LLC