We cannot imagine what our collective distributors are going through with the many price increases that are happening in the market today.
No company likes to deliver news of price increases, but based on the information that Titan has shared, it is something that they cannot avoid.
Material costs over the last several months have been “massive”. Add to that labor shortages, freight costs, container increases (nearly 5 times MORE than what they were in February) as well as other increases, makes it necessary for Titan to take this action.
The amount of increase from Titan Flow Control has just been announced as between 9% and 11%. The effective date of this increase is scheduled for September 6th, 2021. (Labor Day).
It has been many years since Titan has truly implemented an actual price increase. You may recall that they did finally add the “tariff” increase into the price sheet earlier this year. The hope initially was that the tariffs would be temporary, but we all know that did not happen.
Titan has advised that they will continue to monitor all costs associated with their products. If costs continue to escalate, there may be a need for TITAN to consider additional increases before year-end.
Titan’s desire is to offer the highest quality products, all at a competitive and fair price. We have also strived to be a company that maintains one of the largest inventories of products in the country combined with one of the fastest response times of any company. We have all had challenges over the last 18 months and we have all been hit with unprecedented circumstances. We thank you for your loyalty, support, understanding and your continued business and confidence to, and with Titan Flow Control.
We will look to share more information as it becomes available.