CNH announces +5% ‘surcharge’
By Chris Sleight24 June 2008
CNH has announced a +5% across the board surcharge for all its products in reaction to sharp rises in its steel and energy costs. The supplement applies to Case and New Holland Construction machines, as well as to attachments.
A statement from the company said, "Steel prices soared +40% to +50% this year and, according to some forecasters, they could rise even higher as raw material costs continue to climb and global demand for steel and other commodities shows little sign of abating."
Harold Boyanovsky, CNH's CEO added, "Having implemented aggressive internal steps to manage these cost increases throughout our worldwide operations, we have now announced specific price increases. These increases will be shown separately on the invoices as a surcharge. Our global team has worked and will continue to work hard to improve the company's financial results, and we have the responsibility to take all necessary actions to protect our bottom line and to benefit our employees, customers, dealers and other stakeholders."