Glatfelter Corp. (NYS:GLT) said Tuesday it will raise prices for all composite fibers products by up to 8%, effective March 15, as the engineered materials company looks to combat inflation in raw materials prices. Glatfelter's composite fibers are used to make many food, consumer and personal care products, such as tea bags, single-serve coffee, wipes, laundry sheets, feminine hygiene and swim diapers. Glatfelter's products are also used for home improvement and industrial applications, such as laminates for flooring and kitchen countertops and industrial tape and filtration products. "Glatfelter continues its extensive efforts to reduce overall costs and increase manufacturing efficiencies," said Chief Commercial Officer Chris Astley. "However, these initiatives alone are not enough to offset the impact of the input cost inflation being experienced, which is why we are implementing price adjustments." The stock, which was still inactive in premarket trading, has rallied 53.0% over the past 12 months, while the S&P 500 (S&P:SPX) has advanced 39.1%.
March 9, 2021, 8:51 a.m. EST