VTC-GTC to announce price increase
Virginia Transformer and Georgia Transformer Corp, a leading transformer manufacturer in the USA have announced a price increase.
Image source: VTC-GTC
USA, Virginia, Roanoke: Virginia Transformer and Georgia Transformer Corp, a leading transformer manufacturer in the USA have announced a price increase.
In a statement of 17 May, the company announced that due to the impact of the global COVID-19 pandemic and commodity volatility on supply chains, there have been material shortages, logistic capacity constraints and significant increases in raw materials and transportation costs. Raw materials, such as copper, have also climbed to record highs.
The company has been working on various productivity improvement efforts internally to absorb these increases but has not been able to fully offset the inflation impact. As a result, the company will be implementing a price increase up to 8 % on our transformers effective 1 June 2021.
VTC-GTC will, however, honour the prices on existing blanket and spot market proposals during the bid validity period.
In the statement, the company has expressed its commitment to the customers and partners, affirming it will continue to produce innovative, reliable and cost-effective transformer products and services.
The company will continue monitoring the situation and in case of any further inflationary pressures, it may take additional price actions.
In the statement, VTC has expressed its gratitude to their customers and partners for their continuing support in these challenging times, inviting them to reach their local VTC/GTC sales representative or direct salesperson for additional information and questions.
Source: VTC-GTC