GCP Announces North America Concrete Admixtures Price Increase
GCP Applied Technologies Inc. (NYSE: GCP) announced a price increase of up to 10% for all concrete admixture and fiber products in North America, effective January 1, 2022.
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Rhea-AI Summary
GCP Applied Technologies Inc. (NYSE: GCP) announced a price increase of up to 10% for all concrete admixture and fiber products in North America, effective January 1, 2022. This decision is driven by significant increases in raw material and freight costs, which are anticipated to continue. President David H. Campos emphasized the company’s commitment to customer success and sustainable construction practices. GCP is also enhancing inventory and freight capacity to maintain service quality.
Positive
- Price increase may improve revenue in response to rising costs.
- Enhanced inventory and freight capacity to support customer needs.
Negative
- Price hikes could lead to reduced demand from price-sensitive customers.
Details
News Market Reaction – GCP
The recorded move for GCP in the trading session of this news was -2.49%.
Data tracked by StockTitan Argus. Session date unavailable.
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ALPHARETTA, Ga., Nov. 22, 2021 (GLOBE NEWSWIRE) -- GCP Applied Technologies Inc. (NYSE: GCP), a leading global provider of construction products, today announced it is implementing price increases for Concrete Admixtures in North America.
To continue providing the exceptional solutions GCP’s customers rely on, at the levels of service they require, it is necessary to increase prices up to
“The global supply chain impacts on raw material and freight costs have been unprecedented over the past six months and input costs are not expected to subside in the near-term. We have continued to increase our inventory levels to service our customer’s needs, and added freight capacity to ensure timely supply,” commented David H. Campos, GCP’s President of Specialty Construction Chemicals.
“Our focus continues to be the success of our customers, and their end-users and to support quality, sustainable and economically-efficient construction practices. GCP’s regional sales team will contact our customers individually to discuss the specific implications for their business,” Campos concluded.
About GCP Applied Technologies
GCP Applied Technologies (NYSE: GCP) is a leading global provider of construction products technologies that include admixtures and additives for concrete and cement, the Verifi® in-transit concrete management system, high-performance waterproofing products, and specialty construction products. GCP products have been used to build some of the world’s most renowned structures.
For more information, visit GCP's website at www.gcpat.com.
Media Relations
Catherine Meihofer
+1 678-575-1927
mediainfo@gcpat.com
Investor Relations
William I. Kent, IRC
+1 617-498-4344
investors@gcpat.com
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