Plastic additive producer Albemarle ( ALB - Get Report) said it will raise the prices of its carbon monoxide combustion promoters by 20% worldwide effective immediately, or as contracts allow.

The Richmond, Va.-based company said the price hike is needed in part to help offset the rapidly escalating cost of production, especially noble metals.

"The price increases should also help us move toward a sustainable business structure by delivering an acceptable return on our assets while allowing us to continue to develop the innovative, next- generation products and services our customers need and expect from Albemarle," the company said.

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