HOUSTON, Oct 19, 2021 (GLOBE NEWSWIRE via COMTEX) --
HOUSTON, Oct. 19, 2021 (GLOBE NEWSWIRE) -- DynaEnergetics, a business of DMC Global Inc.
, today announced it will re-implement a 5% global price increase on all products shipped on or after November 22, 2021. DynaEnergetics announced a price increase in this year's second quarter, but postponed its implementation in order to support customers navigating an extremely competitive market.
Ian Grieves, president of DynaEnergetics, said, "Concurrent with improved industry fundamentals that include sharply higher oil and gas prices and increased well completion activity, there has been a considerable escalation in labor and material costs. This price adjustment is necessary to offset those increases, as well as the anticipated wind down of the federal government's CARES Act."
Grieves added, "In today's tight labor market, the efficiency and performance benefits of DynaEnergetics' perforating systems are especially pronounced. Our DS systems are the only perforating products that are fully integrated, and factory assembled. They are delivered just in time to the wellsite, enabling customers to reduce inventory, streamline their supply chains, eliminate assembly operations and deploy fewer people to location."
DynaEnergetics designs, manufactures and supplies a comprehensive suite of perforating products and systems for the global oil and gas industry. The business' products are designed to enhance safety, productivity and operational efficiency of conventional and unconventional oil and gas wells. Continuous investments in quality, service and innovation keep DynaEnergetics and its customers at the forefront of the perforating sector.
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