Lydall Performance Materials Announces Price Increase for Filtration and Specialty Insulation Products

Rhea-AI Summary

Lydall, Inc. (NYSE: LDL) announced a price increase for its Filtration and Specialty Insulation products due to significant and ongoing rises in raw material and freight costs. President Ashish Diwanji stated that despite efforts to reduce costs through their One Lydall strategy, inflationary pressures necessitate this price adjustment to maintain product quality and innovation. Account representatives will communicate the details of the price increase directly to affected customers, with timing dependent on existing agreements.

Positive

• Initiating price increases can help offset rising raw material and freight costs.
• The company's commitment to innovation and quality in their product offerings.
• Ongoing efforts to improve operational efficiency through the One Lydall strategy.

Negative

• Sustained inflationary pressures could impact profit margins if costs continue to rise.

MANCHESTER, Conn., March 25, 2021 (GLOBE NEWSWIRE) -- Lydall, Inc. (NYSE: LDL) announced today that its Performance Materials business segment is increasing prices for its Filtration and Specialty Insulation products supplied globally. The price adjustment is driven by significant and ongoing increases in key raw material and freight costs.

“Lydall remains committed to reducing overall costs and making our operations more efficient through our One Lydall strategy and focused transformation initiatives,” said Lydall Performance Materials President Ashish Diwanji. “However, these extensive efforts are not enough to offset the sustained inflationary pressures that are widespread in today’s market. We must modify our pricing to ensure that we can continue to deliver the innovative products and high-quality, advanced materials our customers depend on to bring the world’s most essential products to market.”

Account representatives are communicating specific details directly to impacted customers, with timing of the increases subject to the terms of applicable agreements.

About Lydall, Inc.
Headquartered in Manchester, Connecticut, with global manufacturing operations, Lydall delivers value-added engineered materials and specialty filtration solutions that create a cleaner, safer and quieter world. Leveraging our 150-year history of technical expertise and innovation, deeply ingrained supplier relationships and operational agility, Lydall partners with our customers to develop bespoke, high-performing and efficient solutions that solve the world’s most pressing challenges. Our precisely engineered, highly technical products protect people and places, providing air pollution control, liquid filtration, heat protection and noise reduction.

Lydall is a New York Stock Exchange-listed company. For more information, visit http://www.lydall.com. Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.

FAQ

Why is Lydall increasing prices for its products?

Lydall is increasing prices due to significant and ongoing increases in key raw material and freight costs.

What products are affected by the price increase at Lydall?

The price increase applies to Lydall's Filtration and Specialty Insulation products.

When will the price increases take effect for Lydall's customers?

The timing of the price increases will depend on the terms of applicable agreements communicated by account representatives.

What is the One Lydall strategy mentioned in the press release?

The One Lydall strategy focuses on reducing overall costs and improving operational efficiency within the company.