Dow Chemical announces massive price increase

[beast]

Dow Chemical announced it would charge up to 20 percent more for its products on May 28, citing spiraling price increases for oil and other petrochemical inputs. This decision by Dow—a behemoth with $54 billion in 2007 sales spread throughout numerous consumer industries—is expected to substantially increase inflation, which is already increasing rapidly in the US and throughout the world, cutting into workers’ purchasing power.

Dow’s action will affect a huge array of basic materials and consumer items, including: plastics used in automobile components and shopping bags; propylene glycols used in antifreeze, coolants, solvents, cosmetics and pharmaceuticals; and acrylic acid-based products used in detergents, wastewater-treatment and disposable diapers.

The Wall Street Journal commented: “Over the past months, Dow and other chemical companies have been raising product prices to pass on higher raw-material costs to their customers, but the increases have been usually confined to one product or one region. The company’s decision to increase prices for all its products world-wide is nearly unprecedented.”



Source: http://www.wsws.org/articles/2008/may2008/dow-m30.shtml

[beast]

 Dow chemical announced today a 20% price hike across the board. They recently sold a bunch of themselves to the Kuwaitis. cow.gif This is going to make inflation across the board in all products climb even more next month i think. They did this because just about every=thing they produce is oil and natural gas based. Will customers walk away?i don't think so. The competition will probably all follow suit as they are feeling the same pinch Dow chemical is. Will i be working even less hours . Most likely!

i think it's time to get a hold of that little book. " who moved my cheese? " and read it again. Then get on with life before my cheese becomes too smelly.