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Orion Engineered Carbons to Increase Global Specialty Carbon Black Prices
Rhea-AI Impact
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Rhea-AI Summary
Orion Engineered Carbons (NYSE:OEC) announced a price increase for all specialty carbon black products, effective April 1, 2022. This decision is in response to rising raw material, operational, and supply chain costs. CEO Corning Painter emphasized that the adjustment is essential for maintaining sustainable solutions for customers. The specifics of the increase will be communicated individually, varying by product, manufacturing process, and location. Orion aims to continue its commitment to quality while adapting to challenging market conditions.
Positive
Price increase could enhance revenue amid rising operational costs.
Company emphasizes commitment to sustainable solutions despite challenges.
Negative
Increased prices may lead to customer dissatisfaction or loss.
Rising raw material costs indicate potential ongoing financial pressures.
HOUSTON--(BUSINESS WIRE)--
Orion Engineered Carbons(NYSE:OEC), a leading global supplier of specialty and high-performance carbon black, announced today it will raise prices for all specialty carbon black customers.
The increase, which will be communicated individually with customers, will vary depending on the product, manufacturing process and location.
“Orion faces a sharp increase in raw material, operations and supply chain costs that makes this price adjustment necessary. It will enable us to continue to deliver reliable and sustainable solutions to our customers,” said Corning Painter, CEO of Orion.
The increased pricing will be effective for all shipments beginning April 1, 2022, or as contracts allow.
About Orion Engineered Carbons
Orion Engineered Carbons (NYSE:OEC) is a leading global supplier of carbon black, a solid form of carbon produced as powder or pellets. The material is made to customers’ exacting specifications for tires, coatings, ink, batteries, plastics and numerous other specialty, high-performance applications. Carbon black is used to tint, colorize, provide reinforcement, conduct electricity, increase durability, and add UV protection. Orion has innovation centers on three continents and 14 plants worldwide, offering the most diverse variety of production processes in the industry. The company’s corporate lineage goes back more than 160 years to Germany, where it operates the world’s longest-running carbon black plant. Orion is a leading innovator, applying a deep understanding of customers’ needs to deliver sustainable solutions. For more information, please visit orioncarbons.com.
Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements of future expectations that are based on current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. New risk factors and uncertainties emerge from time to time, and it is not possible to predict all risk factors and uncertainties, nor can we assess the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or other information, other than as required by applicable law.
William Foreman Orion Engineered Carbons Director of Corporate Communications and Government Affairs
william.foreman@orioncarbons.com
Direct: +1 832-445-3305
Mobile: +1 281-889-7833
Source: Orion Engineered Carbons S.A.
FAQ
Why did Orion Engineered Carbons increase prices?
Orion Engineered Carbons raised prices due to a sharp increase in raw material, operational, and supply chain costs.
When will the new prices for carbon black products take effect?
The new pricing will be effective for all shipments beginning April 1, 2022.
How will Orion communicate the price increase to customers?
The specifics of the price increase will be communicated individually with customers.
What is the impact of rising costs on Orion's business?
The rising costs necessitate price adjustments to maintain sustainable solutions for customers.
