DORAL, FLORIDA, USA – April 13, 2020 – To continue meeting the needs of customers in Latin America during this time of raw material volatility and devaluation of currencies across the region directly caused by COVID-19, Sun Chemical will dollarize all ink product lines offered in Latin America, including solvent- and water-based inks, effective immediately.
Most raw materials used in the manufacturing and formulation of Sun Chemical inks sold across Latin America are imported primarily from the United States, Europe and Asia and are already sold or indexed to the United States dollar. Raw materials manufactured locally in Latin America are also sold using the US dollar. Combining this with the extreme depreciation of local currencies across the various Latin American countries directly caused by the coronavirus and supply volatility, has led Sun Chemical’s price lists to now be referenced to the American dollar.
By using the American dollar as the common currency for the entirety of ink offerings across the region’s organization, Sun Chemical Latin America can maintain price consistency across the region and focus on providing customers with continued product quality and technical support.
“At Sun Chemical, our first priority is offering our customers the highest standards in products and services throughout both the industry and the world,” said Fernando Tavara, President, Sun Chemical Latin America. “By taking this step in Latin America, we ensure we manage the currency volatility in a better way. This will also enable us to maintain our service and quality at the highest standards and minimize any risk of supply disruption during this challenging moment.”
Sun Chemical provides unparalleled ink manufacturing capacity in most countries across Latin America with dedicated employees working closely with customers. This approach allows the company to react promptly to current rapidly changing situations. Within the coming weeks, local Sun Chemical sales representatives will contact customers to provide more information on the dollarization adjustments to customer ink products.
About Sun Chemical
Sun Chemical, a member of the DIC group, is a leading producer of printing inks, coatings and supplies, pigments, polymers, liquid compounds, solid compounds, and application materials. Together with DIC, Sun Chemical has annual sales of more than $7.5 billion and over 20,000 employees supporting customers around the world.
Sun Chemical Corporation is a subsidiary of Sun Chemical Group Coöperatief U.A., the Netherlands, and is headquartered in Parsippany, New Jersey, U.S.A. For more information, please visit our Web site at sunchemical.com.