Citing the increasing cost of raw materials, Wabash National Corp. announced it will increase prices on its trailer products twice in the coming months, the first increase coming Oct. 1.
The initial increase will be 5% for all new orders booked on or after Oct. 1, the company said. A second increase, ranging from 3 to 5%, will go into effect on Jan. 1, 2009.
“The costs of raw materials and purchased components have been rising at unprecedented rates for the past few years and have continued throughout 2008,” said Dick Giromini, president and CEO. “Steel costs have more than doubled this year alone, and aluminum is now projected to increase another 45% by year end. While 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. As always, we continue to aggressively seek ways to contain costs and provide the best value to our customers.”