Lancaster, Pa.—Armstrong announced that it would implement a bi-annual price review for its vinyl composition tile (VCT) products. Price changes will be evaluated and communicated to customers in May and November with effective dates of the following February and August, respectively, the company said.
The degree of individual price changes will take into account the cost of raw materials, energy, transportation and labor. Due to raw material costs and underlying inflation of wages, benefits, energy and transportation, Armstrong will initiate a 4% price increase in the U.S. and Canada on standard VCT products, effective with Feb. 3, 2014, shipments.
“Material pricing and the risk of inflation are critical factors when bidding on a commercial construction projects,” said Dominic Rice, vice president, commercial flooring. “A structured and predictable price review and adjustment provides certainty for our customers on their material costs and addresses their concern on inflation risk impacting the profitability of the project.”