Wabash Sets Trailer Price Increases Due to Soaring Materials Costs
Citing soaring raw materials costs, trailer maker Wabash National Corp. said it would raise prices an average of 5%, effective for new orders booked on or after Oct. 1.
Additional increases ranging from 3% to 5% will be effective Jan. 1, the company said in a statement.
鈥淭he costs of raw materials and purchased components have been rising at unprecedented rates for the past few years and have continued throughout 2008,鈥 Chief Executive Officer Dick Giromini.
Steel costs have more than doubled this year alone, and aluminum is now projected to increase another 45% by year end, he said.
鈥淲hile we have historically adjusted our pricing models as material costs have climbed over time, we felt that with such significant adjustments we owe it to our customers to provide them as much advanced notice as possible,鈥 Giromini said. 鈥淎s always, we continue to aggressively seek ways to contain costs and provide the best value to our customers.鈥