May 7, 2021
Dear Valued Customer,
Thank you for your business and the confidence you have shown in the MITY team and products. We are especially grateful for your support during the past year as the pandemic disrupted virtually every aspect of our lives.
As our partner, you know that MITY has been committed to providing innovative and durable products that are priced to create industry-leading value. Unfortunately, the current economic conditions are challenging our ability to live up to this commitment. As the economy starts to recover from the pandemic, the increasing demand for raw materials has overwhelmed the supply chain.
This is an industry-wide issue that has caused the cost of some of our key materials and components to almost double. Many others have increased from a low of 4% to a high of 30%, freight costs have increased by double digits, container costs have doubled, and delivery lead times have increased by several weeks.
We are currently analyzing the impact of these unprecedented cost increases to determine the customer price increase. We will need to offset at least a portion of these rapidly rising costs. Our intention is to implement a company-wide price increase effective June 1, 2021.
Your sales representative will be contacting you shortly about your new prices.
Please know that we are currently working closely with all our supply partners to minimize these cost increases and to ensure the consistent and timely supply of raw materials. Many of our suppliers believe that these disruptions in supply and the cost increases will start to ease as we get into the fourth quarter. Prices should return to a more traditional level as we begin the new year.
We will be monitoring this situation closely and as the supply of raw materials and our costs begin to return to more normal levels, we will analyze our customer pricing in order to pass on the savings to you. At MITY we remain committed to providing industry-leading value and service and will do all we can to earn your support and your business.
Tony R. Smith