Foster Refrigerator will raise prices on some of its product lines this week, but suggested the increase would not be as high as customers might have seen elsewhere in the refrigeration market over recent months.
The company, which manufactures commercial refrigeration cabinets at its plant in King’s Lynn, confirmed to FEJ that the price rise works out at an average of 3.51% across its portfolio.
It will take effect from Wednesday 1 March.
The company, which is a division of American conglomerate ITW, said that up to now it had striven to hold prices. It noted that not all products would be subject to the rise.
Ashley Sword, Foster and Gamko sales director, said: “There has been unprecedented growth for our recently introduced xtra & FlexDrawer range. This means we’ve been able to make significant capital investments in our manufacturing and production, allowing us to maintain our 2016 pricing across this entire portfolio of products.
“Despite numerous high increases throughout the catering equipment industry, the price increase will be held at an average of only 3.51%, with the change taking effect from 1 March 2017.”
The majority of refrigeration suppliers have moved to increase prices since the EU referendum vote last year.
The market has seen hikes of anywhere between 5% and 12% as companies have endeavoured to offset currency exchange effects and rising material costs.