Wellman announce price increases

NEW YORK, Nov 19 (Reuters) - Polyester producer Wellman Inc WLM.N said on Monday it will increase prices for its Fortrel polyester staple fiber, citing escalating raw material costs that the company was unable to offset with a price increase earlier this month.

The company said it will raise its price for the products by an additional 4 cents per pound, effective with Dec 15 shipments. The fiber is used in apparel and industrial applications.

Earlier this month, Wellman had announced a 3 cent per pound price increase, effective with Dec 1 shipments.

The prior increase has been insufficient to offset the continued acceleration in the cost of ethylene glycol, a key raw material used in the manufacture of polyester staple fiber, the company said. (Reporting by Euan Rocha; Editing by Derek Caney)