Luxembourg-based Flint Group, one of the largest suppliers to the printing, packaging, and label industries worldwide, is going in for a global price increase from 1st January, 2023, to counter the persistent inflationary pressures across multiple cost drivers.
Global markets are seeing a fundamental shift in economic conditions with the world grappling with extreme inflationary pressures and disruption to supply chains, all as a result of the extended period of uncertainty and cost escalation brought about by the global coronavirus pandemic.
Flint Group, which is experiencing an extraordinary increase in raw material, packaging, and freight costs, and which is now being magnified by additional inflationary pressures across a range of other overheads, will implement a general price increase to recover inflationary costs, primarily related to labour. The company plans to recover the increase in raw material, packaging, freight, and energy costs through existing price adjustment mechanisms.
Keeping in mind the developments of the ongoing Ukraine war, especially with regard to the shortage of gas supply from Russia, Flint Group has already taken steps to ensure a seamless supply of its products and services to their customers.
Putting all in a nutshell, Steve Dryden, Flint Group’s CEO comments, “At Flint Group, we are used to successfully meeting macro-economic challenges, but are now entering a new space of relentless cost inflation of a magnitude not witnessed in decades. In this scenario our primary purpose is to ensure that our valued customers are supplied with high quality products and services they expect from Flint Group. By recovering inflationary cost increases by building inventories of existing raw materials and sourcing alternate ones, and investing in our workforce, we are continuing to underwrite the security of supply.”