Feb 1 (Reuters) - British chemicals firm Johnson Matthey Plc JMAT.L announced a 15% price hike at parts of its chemicals and fuels and energy businesses on Tuesday, citing escalating costs amid inflationary pressures across its supply chains.
"The need for these price increases is driven by the escalation of energy and key raw material costs, rising logistics and packaging material costs," JM said, adding that it was "no longer possible" to offset them.
The company, which serves the automotive, chemicals, oil and gas, and other industries, said the price increase was effective immediately or as contracts permit.
Johnson Matthey makes pollution filters for cars, and fuel cell components and catalysts, among others.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)
((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa; +919742735150;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.