Sun Chemical to Increase Prices and Surcharges on Inks, Coatings, Consumables, and Adhesives in EMEA

Price Increase Addresses Unprecedented Inflation of Utilities/Energy and Labour Costs

SOUTH NORMANTON, UK  – WEBWIRE



Sun Chemical will increase prices across its entire portfolio of packaging, commercial sheetfed, and screen inks, coatings, consumables, and adhesives in Europe, Middle East and Africa, effective immediately.


The current geopolitical situation in Europe continues to upset the unprecedented inflationary trends further, with severe impact onto operating costs—including utilities and labour costs—through the entire supply chain. Sun Chemical continues to strive to find ways of mitigating these costs, but the magnitude and speed of cost increases requires the company to further increase prices.


“Sun Chemical’s priority has been to keep supplying our customers, allowing them to keep their facilities operating,” said Mehran Yazdani, President, Global Packaging and Advanced Materials. “Sun Chemical’s global reach has helped secure the sourcing of raw materials and maintain production, however, the costs to secure those materials, manufacture our products, and deliver them to our customers have continued escalating to a level that requires us to raise further prices and surcharges effective immediately for all products. This will ensure we can continue a steady flow of our quality products to customers. Without signs of stabilisation so far, the situation will need to be adjusted as it goes, and no price guarantee can therefore be given for any period.”


To learn more about Sun Chemical’s sustainable solutions visit www.sunchemical.com/sustainability.


About Sun Chemical

Sun Chemical, a member of the DIC Group, is a leading producer of packaging and graphic solutions, color and display technologies, functional products, electronic materials, and products for the automotive and healthcare industries. Together with DIC, Sun Chemical is continuously working to promote and develop sustainable solutions to exceed customer expectations and better the world around us. With combined annual sales of more than $8.5 billion and 22,000+ employees worldwide, the DIC Group companies support a diverse collection of global customers.


Sun Chemical Corporation is a subsidiary of Sun Chemical Group Coöperatief U.A., the Netherlands, and is headquartered in Parsippany, New Jersey, U.S.A. For more information, please visit our website at www.sunchemical.com

Significant increase in vacancies on the NCS portal


The National Career Service (NCS) portal of the Ministry of Labour & Employment (MoLE), Government of India was launched by the Hon’ble Prime Minister in July 2015. NCS portal is a job platform providing a variety of employment services aimed at helping qualified jobseekers to connect with potential employers for finding suitable employment. NCS also enhances the candidates’ personality through Career counselling, vocational guidance, and career skill training.


As of 26th September 2022, the active vacancies on the NCS portal reached an all-time high of 4,82,264 spanning across diverse sectors indicating a boost in employment in the country. The previous all-time high active vacancies were 3,20,917 which were recorded in June, 2019. The top 5 contributing sectors being- Finance & Insurance, Operations & Support, Hotel/Food Service & Catering, Health Sector and IT & Communication. The cumulative number of vacancies mobilized over the NCS portal since inception is more than 1.09 Crore.


Financial Year 2022-23 also witnessed a surge in the number of shortlisted candidates from the NCS Portal. The Shortlisted count for candidates between April 2021 to  September 2021 was 1,90,335. While from 1st April 2022 till 26th September 2022 the count has already crossed the mark of 25 lakhs.


In line with the Budgetary Announcement 2022-23 by the Hon’ble Finance Minister; the NCS portal now has API-based integration with eShram that facilitates unorganized workers to register on the NCS portal as jobseekers and UDYAM portal for the registration of UDYAM registered MSMEs to easily register as employers on the NCS Portal to post their vacancies. NCS already has integration with Skill India Portal (SIP) for registration of Certified skilled candidates of SIP as jobseekers on the NCS portal. The linkage between the NCS and UDYAM Portals has led to an overwhelming registration of more than 39,000 MSMEs on NCS portal, till date. Total  eShram registrants who have registered on NCS portal are 9.72 lakh. Further, a total of 41.52 lakh certificate data of PMKVY (Skill India Portal) has been shared with NCS portal.



— Bhupender Yadav (@byadavbjp) September 22, 2022

*****


HS/PD




(Release ID: 1862605)
Visitor Counter : 308











Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter

Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 22.3% year-over-year to YEN917.8 billion in the quarter ended June 30, 2022. Revenue rose 2.3% to YEN871.3 billion year-over-year, resulting in business profit(1) of YEN14.9 billion, a 30.4% decrease from the previous fiscal year, which represents a profit margin of 1.7%. Net profit was YEN19.1 billion, an increase of 51.7% year-over-year, with a profit margin of 2.2%. EBITDA was YEN47.2 billion, a 12.2% decrease from FY2021, with a profit margin of 5.4%, down 0.9 percentage points year-over-year.

Highlights:
– Order intake, revenue, and net profit all exceeded Q1 FY2021 results, continuing upward trend from FY2020.
– Contracts executed for five large frame Gas Turbine Combined Cycle (GTCC) units in Americas, EMEA, and Asia. Strong order growth in Metals Machinery as capital expenditures by steelmakers in Asia and Americas increased.
– Materials cost inflation and supply chain disruptions continued, particularly affecting Logistics, Thermal & Drive Systems segment. Price optimizations underway to mitigate these effects in second half FY2022.
– Charges booked in Energy Systems, including downsizing of European coal-fired thermal power business as capacity adjusted to match long-term objectives in region.
– Fixed cost reductions and strategic asset sales progressing in accordance with 2021 Medium-Term Business Plan.

CFO Message:

“MHI is proud to have achieved strong orders in all segments in the first quarter of this fiscal year,” Hisato Kozawa, Member of the Board, Executive Vice President, and Chief Financial Officer of MHI commented. “Considering the mid- to long-term market outlook in the EMEA region, we began reducing the scale of operations in our European coal-fired thermal power business and booked some charges associated with these actions. In parallel, MHI is looking to increase our presence in EMEA through the Energy Transition by offering decarbonization solutions as well as core technologies including hydrogen utilization and CO2 Capture, Utilization, and Storage (CCUS).”

Mr. Kozawa continued, “Despite securing YEN19.1 billion in net profit, the business environment remains challenging. In the first quarter, materials and logistics cost inflation and supply chain disruptions, including the lockdowns in China, continued to impact our businesses for longer than initially projected. As concerns of recession in North America and Europe mount, we will strive to improve profitability through various measures such as price optimization and further fixed cost reductions in the second half of the fiscal year.”

(1) Profit before finance income, finance expenses, and income taxes

For more informaton, visit www.mhi.com/news/22080501.html.






Topic: Press release summary

India and the UK sign an MoU to increase educational opportunities for Indian students; an MoU on Certificates of Competency of Seafarers of India and the UK; and a Framework Agreement to increase opportunities for Indian Nurses


The India-UK trade talks are on track. Speaking to media after signing two MoUs and a framework agreement with UK, Commerce Secretary B. V. R. Subrahmanyam said that the India-UK FTA negotiations would be concluded by 31st August and after internal approvals on both sides, the agreement would be ready to be signed as per convenience of the both leaders. “Irrespective of party in power in UK, the logic of FTA with India is irreversible,” he added.


Earlier, Shri B.V.R. Subrahmanyam, Commerce Secretary, Government of India and Mr. James Bowler, Permanent Secretary, Department of International Trade, United Kingdom; India and the UK signed two MoUs on mutual recognition of educational qualifications including maritime education and a Framework Agreement on health care work force.  These agreements will facilitate closer alignment on education between India and UK, enhance short-term bilateral mobility and ensure mutual recognition of qualifications.


These agreements are part of the commitments made by both parties under the Enhanced Trade Partnership’ (ETP) launched by the Prime Ministers of both countries on 4th May 2021 to unleash the trade potential of the partnership by doubling trade by 2030 and reducing market barriers to trade in key sectors.  Following the launch of ETP, both sides had also launched negotiations for a Free Trade Agreement on 13th January 2022. The 5th round of negotiations, which is hosted by India, is currently underway in Delhi. The meeting also took stock of the progress made towards the signing of FTA.


The MoU on Education was signed by Shri K. Sanjay Murthy, Secretary, Department of Higher Education on behalf of Government of India. This MoU provides for mutual recognition of educational qualifications and duration of study undertaken by students within duly approved and recognized higher education institutions in the two countries. On a reciprocal basis, Indian Senior Secondary School/Pre-University Certificates will be considered suitable for entry into UK higher education institutions. Similarly, the Bachelor degree, Master’s degree and Doctoral degree of India and the UK will also be considered equivalent to each other. Apart from encouraging student mobility, the mutual recognition of qualifications would also promote excellence in higher education through cooperation, academic and research exchanges.


The MOU on maritime education qualification was signed by Shri Amitabh Kumar, Director General of Shipping on behalf of Government of India.   This MoU will pave the way for the two governments to mutually recognize the certificates of maritime education and training, competency and endorsements of seafarers issued by each other. The MoU will prove beneficial for employment of seafarers of both the countries and would make them eligible for employment on ships of either party. India being a seafarer supplying nation with large pool of trained seafarers, it is expected to be significantly benefitted by the MoU.


From Indian side, the Framework Agreement on Healthcare Workforce was signed by Ms. V. Hekali Zhimomi, Joint Secretary, Ministry of Health and Family Welfare. The Agreement include cooperation on Nursing & Allied Health Professionals (AHPs), training of healthcare professionals and measures to bridge the skill gap. The agreement will facilitate the recruitment and training of nurses and AHPs from India by UK in a streamlined manner. Given the shortage of nurses in the UK, the agreement will benefit both the sides.


***


AM




(Release ID: 1843544)
Visitor Counter : 1517











Sun Chemical to Increase Prices on Inks, Coatings, Consumables and Adhesives in North America

PARSIPPANY, N.J., USA  – WEBWIRE



Sun Chemical will increase prices across its entire portfolio of packaging, commercial sheetfed and screen inks, coatings, consumables and adhesives in North America, effective immediately or as contracts allow.


The inflationary environment in North America has continued to impact the ink industry. Global geopolitical events have caused sustained pressure on logistics availability and have increased the costs to unprecedented levels. The constrained accessibility to labor in the market has driven significant wage inflation while contributing to inefficiencies at manufacturing facilities.


Key raw materials continue to experience scarcity while steel shortages drive costs for steel drums and other packaging components to historic highs. Sun Chemical continues to seek mitigation strategies to these cost increases, however, the magnitude and speed of increases require further action to offset impacts to the business.


“Our team continues to focus on ensuring a steady flow of our products to customers,” said Chris Parrilli, President of North American Inks. “Sun Chemical’s global reach has helped secure the raw materials needed to maintain production, however, the costs to secure those materials, manufacture our products, and deliver them to our customers has reached a level that requires Sun Chemical to take this price action. Global events will continue to influence our strategies and actions as we evaluate every opportunity to mitigate these inflationary events and deliver on the expectations our customers have for reliable supply of our products to their facilities.”


Sun Chemical will communicate specific increases directly with its customers. Customers with questions can reach out to their local Sun Chemical sales representative.


—-


About Sun Chemical

Sun Chemical, a member of the DIC Group, is a leading producer of packaging and graphic solutions, color and display technologies, functional products, electronic materials, and products for the automotive and healthcare industries. Together with DIC, Sun Chemical is continuously working to promote and develop sustainable solutions to exceed customer expectations and better the world around us. With combined annual sales of more than $8.5 billion and 22,000+ employees worldwide, the DIC Group companies support a diverse collection of global customers.


Sun Chemical Corporation is a subsidiary of Sun Chemical Group Coöperatief U.A., the Netherlands, and is headquartered in Parsippany, New Jersey, U.S.A. For more information, please visit our website at www.sunchemical.com