Eastman Kodak to hike prices to cover rising costs
June 2, 2008
According to the Associated Press, imaging products company Eastman Kodak said recently that it will raise prices on a "select range of consumable products" across its business lines by as much as 20 percent.
The company said the worldwide price increases are due to soaring prices of raw materials such as silver and aluminum, as well as the rising cost of petroleum.
According to a spokesman for the company, the price increases will affect a wide range of products, including film, paper and printing plates.
Dow Chemical Co., which supplies a broad swath of industries, from agriculture to health care, announced this week that it was raising its prices by up to 20 percent to offset soaring energy prices.
Any sizable price hike by Dow would likely affect almost the industries it serves. The Midland, Mich.-based company''s price increases will take effect soon.
Rochester-based Kodak said its price increases will roll out in coming weeks, and it expects to implement them by July 1.
Kodak noted the impact of rising raw material costs during a conference call with investors following announcement of its first-quarter results on May 1. The company said its digital business helped it narrow its first-quarter loss to $115 million after navigating a four-year overhaul.
The world''s largest film manufacturer lost the equivalent of 40 cents a share in the January-to-March quarter, compared with a loss of $151 million, or 53 cents a share, in the same period a year earlier.