VingCard Elsafe Adjusts Pricing to Accommodate Declining USD
Continued U.S. depreciation against major currencies supports a 10 percent
DALLAS, TX, April 17, 2008. The rising cost of raw materials and transportation, coupled with the continued decline in the value of the U.S. and Canadian dollar (USD/CAD) versus the EURO (EUR), China Renminbi (RMB) and other major world currencies, has resulted in the need for companies to make price adjustments to help restore balance in light of the current economic environment. VingCard Elsafe, the leading provider of electronic locks and in-room safes for the global hospitality industry, today announced a 10 percent price increase on all electronic lock and in-room safe products. The price increase will take effect prior to June 1.
"We absorbed most of the impact of the currency movements over the past 18 months to support the long-term growth of our customers and help them stay financially healthy, physically secure, and solidly positioned in their respective markets," said Marc Freundlich, president of ASSA ABLOY Hospitality North America. "However, after further decline of the dollar this year to date, we must move to stabilize our costs to better reflect these developments.
"The economic environment may be changing, but VingCard Elsafe will remain the same reliable, secure and quality-driven manufacturer of security solutions that we are known for around the world," he said.
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