Reichhold Announces New Price Increase for Unsaturated Polyester Resins in North America; $ .04 Per Pound Effective March 10

    RESEARCH TRIANGLE PARK, N.C.--Feb. 11, 2003-- Reichhold, Inc. announced a new price increase today of $ .04 per pound on all unsaturated polyester resins sold in North America.
    This is in addition to the $ .04 per pound increase which took effect February 7. This price increase is effective for all North American orders shipped on or after March 10, 2003.
    "This additional price increase is necessary due to continuing strength in styrene, benzene, and natural gas prices," explained Reichhold's Composites Senior Vice President Julia Harp. "Uncertainty in Venezuela and the Middle East is creating increased market volatility and driving an increase in styrene monomer costs."
    "The price of natural gas has doubled since March, 2002. On February 7, crude oil closed at $35.12 per barrel gaining 4.8% in one week on the New York Mercantile Exchange, the highest closing price since November 27, 2000. As a result of these significant and continuing conditions, we are required to take this action," Harp continued.
    "We are redoubling our efforts to reduce costs and improve efficiencies. We will continue to provide our customers with the best products, service, and value in the industry. We encourage customers to speak directly with their local Reichhold representatives who can answer questions related to this pricing adjustment."

    About Reichhold

    Reichhold, with its world headquarters and technology center in Research Triangle Park, North Carolina, USA, is, together with its parent, Dainippon Ink & Chemicals (Tokyo, 4631) the world's largest manufacturer of unsaturated polyester resins and a leading coating and performance resins for the automotive, appliances, coatings, plastics, textile, construction, transportation, marine and graphic arts markets.
    Reichhold has manufacturing operations throughout North America, Latin America and Europe. Founded in 1927, Reichhold's parent, Dainippon Ink & Chemicals (Tokyo, 4631) is also the world's largest producer of printing inks.