Developments in these costs have increased beyond the worst expectations, and are all expected to remain at these elevated levels for the rest of the year and well into 2022. The current forecasts indicate a strong possibility that they may climb even higher. Historical high raw materials and other costs, as well as the recent surging and persistently high costs of energy and freight, have created significant challenges for both Fibertex and our customers.

The Company can no longer continue to absorb these increases, and as they are expected to persist, Fibertex will be adjusting sales prices by 12-20% depending on product type and composition with effect from January 2022.