US chewing gum manufacturer Wrigley said at its Annual General Meeting in Chicago yesterday (14 March) that it will hike US prices in order to pass along increased commodity costs to consumers.
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The world’s largest chewing gum company said prices would rise 10% starting in the second and third quarters.
Increased sugar demand, due to its use in the production of biofuels such as ethanol, has driven the company’s costs up significantly, Wrigley said.
With the possibility of further increases in demand, Wrigley said that the time to act was now. “We thought it was the right time to make a move in the US,” chief financial officer Reuben Gamoran commented.
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