TimeLox Reports Bull Market Affecting Brass Production, Pricing
International demand for TimeLox' growing portfolio of new electronic-locking solutions is increasin
NORWAY, Dceember 11, 2006. Bullish on security, TimeLox, a leading developer and manufacturer of sophisticated, integrated and elegant electronic-locking systems for the international hotel industry, has remained focused on growing its portfolio of security solutions despite ongoing price increases in brass metal components. Today the company reports a modest 8 percent price increase will go into effect beginning January 1, 2007 for its entire line of electronic locks.
"With base metal component prices for brass nearly tripling over the past two years, pricing at long last has become an issue," said Lars Wittemann, TimeLox director of manufacturing. "For the past two years we have kept our rates constant and competitive while developing new solutions that combine the power of our integrated technologies with the latest hardware designs and material finishes. While we succeeded in keeping the materials' costs down to maintain affordable end-user pricing, we can no longer continue to absorb the ongoing price increase.
"Based on our product quality and enduring commitment to providing the hospitality industry with superior security solutions backed by exceptional service and support, we find it necessary to implement the modest increase," he said.
"While the market's pricing volatility for raw metals has changed our pricing plans, our commitment to producing electronic locks manufactured with brass has not been altered," Wittemann said. "With customer service and security our No. 1 priority, TimeLox will not use less costly or inferior metals that in the end may put hotels and their guests at risk."
"The bottom line is that TimeLox will continue to provide the best security solutions on the market at the best possible prices for high-end resorts, gaming properties, timeshares and condo-hotels," he said.
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