Genie Industries, the aerial division of Terex Corp., said it will raise its prices Sept. 1. The model-specific pricing will vary, but the global weighted average increase is 7.7 percent.
“Like other manufacturers, Genie is feeling the effects of rising material costs,” Roger Brown, vice president of sales for the aerial division and a Genie co-founder, told RER. “These increases are very real. I have been at Genie 30 years and these are the most extreme cost increases I have ever seen.”
All orders placed prior to September 1 for shipment in 2008 will not receive the price increase, Brown said, although orders placed prior to Sept. 1 and scheduled for 2009 shipment, will.
“While no one likes a price increase, raising equipment prices to the rental and dealer network may actually help our customers prevent rental rates from deteriorating,” added Brown “This gives them a vehicle to revisit pricing with their customers.”
For a more in-depth interview with Brown explaining the issues related to the price increases, please see Interviews.