FIbertex has been facing significant price increases on a global scale of up to 20% on its main raw materials, such as polyester, viscose and polypropylene fibers, combined with higher freight costs and important currency fluctuations. After OPEC decreased oil production at the end of last year, the situation has developed substantially, Madsen explains.
"Looking forward into 2017 the expectations and forecasts are, unfortunately a continuing increase on our raw materials," he says. "We have until now, maintained and kept our prices stable supporting the raw material increases and higher costs in general. Regretfully, we are not able to continue absorbing the increased costs at this higher level."
Madsen added that the company will continue to work and take measures to avoid further increases and to continue securing competitive prices, good service and fulfilling the needs of its customers for reliable quality and deliveries.