3M is announcing a series of price increases across products in its aftermarket range, which will see a prices rise by an average of 5.4 percent. The company says the increases are a response to ever increasing raw materials costs.
However the increases wonâ€™t be affecting the entire product range, with best-selling products like Soft Edge Foam Masking Tape and the Scotch-Brite range being held at their current prices.
The company is currently working to update label prices nationwide, ready for the new prices to come into effect from 20th June.
Mark Deakin, general sales and marketing manager for 3M said: â€œWe have had to review our prices across the range as we are being charged significantly increased prices by our own suppliers for materials such as PET and propylene. This in itself is being driven by rises in crude oil prices over the past 12 months and restricted raw material supply.
Deakin says that the price increases will enable 3M to continue its supply operations uninterrupted to its national network of retailers.