Glatfelter Announces 8% Price Increase for its Composite Fibers Products
CHARLOTTE, N.C., March 09, 2021 (GLOBE NEWSWIRE) -- Glatfelter (NYSE: GLT) announced today that effective March 15, 2021 it will increase prices for all Composite Fibers products by up to 8%, or as customer contracts permit.
The decision is a direct result of substantial and ongoing global price increases for key raw materials including pulp, synthetic fibers, and other chemicals. Furthermore, the Company does not see any near-term relief from this input cost inflation, which is compounded by continued escalation in energy costs and COVID-related transportation and logistics capacity shortages.
"Glatfelter continues its extensive efforts to reduce overall costs and increase manufacturing efficiencies," said Chris Astley, SVP and Chief Commercial Officer. "However, these initiatives alone are not enough to offset the impact of the input cost inflation being experienced, which is why we are implementing price adjustments. We remain committed to continuing to supply best-in-class products, innovation, and service that our customers have come to expect."
Caution Concerning Forward-Looking Statements
Any statements included in this press release which pertain to future financial and business matters are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The Company uses words such as "anticipates", "believes", "expects", "future", "intends", "plans", "targets", and similar expressions to identify forward-looking statements. Any such statements are based on the Company’s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements including, but not limited to, the impacts of the COVID-19 pandemic, changes in industry, business, market, and economic conditions, demand for or pricing of its products, market growth rates and currency exchange rates. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this press release may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this press release and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. More information about these factors is contained in Glatfelter’s filings with the U.S. Securities and Exchange Commission, which are available at www.glatfelter.com.
Glatfelter is a leading global supplier of engineered materials. The Company’s high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. Headquartered in Charlotte, NC, the Company’s annualized net sales approximate $916 million with customers in over 100 countries and approximately 2,415 employees worldwide. Operations include eleven manufacturing facilities located in the United States, Canada, Germany, France, the United Kingdom, and the Philippines. Additional information about Glatfelter may be found at www.glatfelter.com.
|Ramesh Shettigar||Eileen L. Beck|
|(717) 225-2746||(717) 225-2793|
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