Ashland price increase following Hurricane Harvey

Ashland is to increase the price of its complete portfolio of unsaturated polyester resins, epoxy vinyl ester resins and gelcoats in North America by $0.09/lb. effective September 18, 2017, or as contracts allow.

This increase has been primarily caused by the increase in costs of raw materials and transport, which has been made worse by the impact of Hurricane Harvey.

Ashland operates two manufacturing facilities in the Houston area of South Texas.

The company stated: "Like nearly every company in the region, we are facing significant challenges to our supply chain as a result of the torrential rain and flooding.

"At this time, the biggest challenge is the constraints facing the broader shipping, trucking and rail networks.

"We are monitoring the situation closely and implementing contingency plans.

"We also are working through challenges associated with moving materials in and out of the region.

"At this time, Ashland has not declared force majeure.

"Given the uncertainty around the time needed to resume full production at Texas City and the ongoing transportation and logistics challenges in the affected regions, it is premature to estimate the potential impact to Ashland’s earnings from the hurricane.”

Ashland has made a US$125,000 donation to the American Red Cross to support disaster relief.