AKRON, OHIO (Sept. 26, 1:55 p.m. ET) — A price increase on North American PET bottle resin — the fourth to hit the market this year — is featured in this week's Material Insights video.
Regional PET bottle resin prices have climbed an average of 4 cents per pound since Sept. 1. The four increases have been tempered somewhat by a pair of price decreases to make six price changes for PET in the first nine months of the year. Market sources said higher prices for paraxylene and other feedstocks were behind this most recent hike, since North American PET demand growth is expected to be in the low single digits this year.
Indorama Ventures Public Co. Ltd.'s acquisition of Wellman International Ltd. also is featured in this week's video. Wellman ranks as Europe's largest PET recycler, with annual sales of more than $150 million. The business operates recycling plants in the Netherlands and France, as well as a headquarters and fiber production plant in Ireland. Indorama is buying Wellman from German holding company Aurelius AG.
This week's video wraps up with a look at progress made by compounding leader PolyOne Corp. on its supplier scorecard program. Tom Kedrowski, an executive with Avon Lake, Ohio-based PolyOne, said the firm's top 20 suppliers currently have an on-time delivery rate of 86 percent, but are on track to meet the company's goal of 95 percent by the end of 2012. In that same period, PolyOne plans to expand the scorecard program to include its top 50 suppliers.