June 18, 2021
Acuity Brands & GE Current Announce Price Increases
With new cost ceilings being hit in shipping and materials, manufacturers continue to adjust pricing
We're not even halfway through 2021, and the seemingly continuous cost increases are leading to lighting manufacturers issuing multiple price increases in a span of months.
Below are two announcements that Acuity Brands and GE Current, a Daintree Company, sent to their agent partners this week.
The Current price increase is a straightforward 5% effective July 19.
The Acuity Brands increase is more nuanced, with adjustments to both freight terms and product pricing. The shipping cost escalation is still serious and troublesome, but industry experts predict that the spike in container shipping is temporary, not permanent.
A Covid Delta-variant outbreak in Shenzhen and Guangzhou this week further threatens the efficiency of Southern China ports. This is causing container waiting time, normally 1 day or less, to be 1-2 weeks. Additionally, increased premium fees for loading/unloading and increased expedite costs are being absorbed by manufacturers seeking to work though the logistics gauntlet.
PRICE INCREASE ANNOUNCEMENTS BELOW:
Agent Partners,
As a result of the prolonged recovery from the global pandemic, the lighting industry continues to face rising costs across several commodity materials, freight and logistics.
We therefore are announcing the following price actions:
- A price increase of 5% on LED lighting fixtures, LED lamps, pole and control products. The price increase will be effective July 19, 2021. Updated pricing will be made available July 6, 2021. Any orders received by July 19 for immediate release will be at current prices. Any new order placed on or after July 19 will be at the new prices.
We value your business and thank you for your patience as we navigate these challenging times. Please contact your Current representative for specific pricing details and additional information.
Sincerely,
Chip Taylor
Chief Commercial Officer
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