Altec Industries, Inc., announced the implementation of an average price increase of approximately 4.5 percent, effective May 2012. This increase is necessary due to a series of market conditions that have impacted the manufacturing industry, including increases in material and operating costs, commodity demand, and the effects of expanded government regulation on the industry. The U.S. Department of Labor reported material used to manufacture Altec units has increased 7.1% in 2011, and that percentage continues to grow in 2012.
According to Altec, the company remains focused on a range of cost-management initiatives to minimize price adjustments. These cost-control methods include lean manufacturing processes, as well as comprehensive supply chain management programs.