TKE, Faced With Inflation, Supply-Chain Challenges, To Increase Costs

The cost of vertical-transportation new installation and modernization products manufactured at TK Elevator (TKE) North America’s Middleton, Tennessee, facility will go up on June 10, TKE announced on March 10. TKE observed it previously maintained material and equipment costs despite challenging supply-chain and economic conditions, but “significant increases in everything from raw materials to freight and labor costs have forced [us] to take this step.” TKE North America CEO Kevin Lavallee said consumers across North America have been affected by price increases, with inflation impacting all aspects of people’s lives. “Unfortunately, we, too, are feeling that same burden. Despite best efforts to maintain materials costs, supply-chain cost pressures have not improved as we had hoped, forcing us to take this necessary action,” Lavallee said.