Actual price hikes will vary by product and take effect today (Dec. 22) or as contracts allow. BASF (Ludwigshafen, Germany) says the increases will help it to secure future product availability, supply reliability, continuity in quality, service and innovation. In a release the company wrote, "BASF is committed to the plastic additives business, but current profitability levels are not sufficient to ensure BASF's ability to invest and further support our customers' growth, also due to increasing raw material prices."

BASF supplies antioxidants and process stabilizers, light stabilizers, flame retardants and pigments. The company expanded its plastic additives and pigments portfolio last year with its acquisition of the plastics additives business of Ciba. Earlier this year BASF announced it would close six of its pigments plants, resulting in the loss of about 500 jobs.