SPARTANBURG, South Carolina — A recent spike in costs upwards of 15 percent for Miliken & Company's products and services is a direct reflection of the company's struggle against rising oil prices and the costs for raw materials, energy and freight. The textile and chemical manufacturer is the latest to announce such a dramatic price increase.

"Over the past year we have witnessed the dramatic acceleration of a trend that began around 2002, which transformed a 20-year pattern of global commodity price deflation into one of long-term commodity price inflation," said Joe Salley, president and CEO of Milliken & Company. "While this pattern extends broadly across almost all commodity factor inputs, it has recently been most disruptive in the price of oil, which drives the cost of our petrochemical-based raw materials, our energy and our freight."

"We are well aware of the many pressures our customers face even under normal circumstances, and we take this decision reluctantly, but in recognition of the new global economic reality in which we are all living," added Salley.

Milliken is widely known for their sustainable practices and customer service, and was recently named one of the World's Most Ethical Companies by the Ethisphere Institute.