Promens has announced to its customers that in the second half of 2008 its prices to customers will increase between 7% to 18% and in some cases even more . This increase is driven by historically high raw material prices that have increased in one year between 10% - 25% in general and in some cases by up to 40% for specific regions which is the result of a constant increase in oil prices during the last year. At the same time energy, transport and other costs are increasing due to inflation in several countries.

"The plastics industry is facing a new challenge with historically high raw material prices, now with up to a 20% increase in one step. As we do not see this picture changing in the short term future due to rising oil prices, we have no choice but to pass on these price increases to our customers" says Ragnhildur Geirsdóttir, President and CEO Promens.

"At the same time as we are forced to increase prices to our customers due to unprecedented price increases in the value chain, we are aggressively cutting our costs and working on restructuring a number of units. As ever, we are committed to service our customers by focusing on product development and working closely with them to fulfil their needs." concludes Ragnhildur.