Huntsman Corp. has reacted to rising energy prices by announcing plans to increase prices for all of its plastic and chemical products by as much as 25 percent.
``We hope we have seen the worst of the energy and commodity price increases, but the impact of large-scale speculation by traders on the price of energy ... [and] the increased costs we are absorbing from our raw material suppliers ... cannot be under- estimated,'' said Peter Huntsman, president and chief executive officer of Salt Lake City-based Huntsman.
No date was listed for the increases in a May 29 news release. Dow Chemical Co. on May 28 announced increases of as much as 20 percent on all its products, effective June 1.
Huntsman, a major producer of polyurethane and other specialty materials, posted sales of about $10 billion in 2007. The firm is being acquired by thermoset plastics leader Hexion Specialty Chemicals Inc. of Columbus, Ohio.