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The Impact of Tariffs on Our Customers
Monday, October 22nd, 2018
As you are probably aware, the current administration has begun placing tariffs on many products manufactured overseas—and particularly China. We at Prism Lighting Group continue to look for ways to counter these cost increases by improving the efficiency of our manufacturing. However, we have received formal notification from many of our component suppliers that they intend to pass through the tariff to distributors and manufacturers (including Prism Lighting Group).
Therefore, as a valued customer, we wanted to inform you that as of November 19th, 2018, we will be increasing our prices on all our products by 10%. Any sales quotes currently in progress will be invoiced at the originally quoted price.
We will continue to monitor the situation closely, with the main goal being to minimize the impact on our customers. We understand the inconvenience of changing pricing, and we have always tried to be as price competitive as possible while never compromising the quality of our products. Unfortunately, these issues are out of our control as numerous industries are being affected by the tariffs, for which they were not previously structured for.
The following are the key points related to the price increase and how it will impact our customers:
- Price Increase of 10% on all products will take effective November 19th, 2018. That’s just over 4 weeks from today!
- Make sure your team and customers all understand how Prism Lighting Group is handling the tariffs.
- No “Hold for Release” orders after 10/31/18
- If you have customers or you are planning to place orders to avoid tariffs, place the orders ASAP, do not wait.
- Backorders will be honored at pre-tariff pricing provided what can be shipped on a purchase order is done before 10/31
If you have any questions or concerns, please don’t hesitate to contact our sales team at 1-866-620-1380 x102.