DULUTH, Ga., Sept. 02, 2021 (GLOBE NEWSWIRE) -- As communicated throughout the year by Iconex, rapid cost escalation continues to be a major factor in the receipt paper market. The impacts of rising material costs, transportation, and labor costs continue to affect the market in both cost and supply availability.
In the last few weeks, the three largest suppliers have announced a fourth price increase effective October 1, ranging from 5-10%. Each supplier cites that these cost increases are necessary to offset the inflationary period facing all industries.
Increases continue to be validated by the current availability of supply. Iconex is working very closely with its suppliers to ensure that Iconex can maintain the supply necessary to serve customers without interruption. A similar and successful strategy was executed during the leuco dye crisis of 2018. As reported previously, the constrained availability in the market has removed Iconex's ability to leverage buying power to mitigate these increases.
Due to the immediate market increase announcements, Iconex will be implementing price increases across all orders for receipt paper products shipped on or after Oct. 4, 2021. The increases will correspond with the 5-10% market announcements referenced above. Sales representatives will be in contact in the coming weeks to communicate the exact details.
About Iconex
Iconex is the leading low-cost provider of paper receipt and differentiated label solutions essential to daily commerce. A tradition of innovation dating back to 1887 is woven into the fabric of Iconex's identity beginning with the company's invention of the paper receipt, which revolutionized business transactions. Most recently, Iconex transformed the industry with the introduction of its Sticky Media®, a product that has enabled the Quick Service Restaurant industry to streamline operations, leading to an improved customer experience. For more information, please visit www.iconex.com. Iconex and Iconex Sticky Media® are trademarks of Iconex, LLC in the United States and other countries. All other trademarks and/or registered trademarks are property of their respective owners.
Media Contacts:
Iconex
Communications@iconex.com
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