Bomag to raise prices by 3% from January

Compaction equipment manufacturer Bomag said it will increase its prices by 3% from January because of higher material costs.

The German company said it was "responding to cost increases for certain component groups, such as drives, rubber parts, NE metals and plastics, and which are expected to increase further over the next few months.

"BOMAG expects further cost increases in 2011 for other components and is obliged therefore to pass on a proportion of these increases and the associated costs in its product pricing."