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Orion Engineered Carbons to Increase Specialty Carbon Black Prices Produced in Europe
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Rhea-AI Summary
Orion Engineered Carbons (NYSE: OEC) has announced a price increase for all specialty carbon black grades produced in Europe, effective from October 1, 2022. The adjustments will be communicated to customers individually, influenced by various factors including product type and manufacturing location. This decision aims to maintain the supply of high-quality specialty products amid rising natural gas and oil prices and political instability in Europe. The increase also supports further investment in new product development to meet global market demands.
Positive
Price increase enables continued supply of high-quality specialty products amid rising costs.
Investment in new product development to support market needs.
Negative
Price adjustments may lead to customer pushback if perceived as excessive.
HOUSTON--(BUSINESS WIRE)--
Orion Engineered Carbons (NYSE: OEC), a global specialty chemicals company, today announced it will raise prices for all specialty carbon black grades produced in Europe. The increase will be communicated individually to customers and will vary depending on the product, manufacturing process and location.
“These price adjustments will ensure that Orion continues to supply the differentiated, high quality specialty products customers want during this period of rising natural gas and oil prices, as well as political instability in Europe. Additionally, it will enable further investment in new product and solution development to support global market needs,” said Corning Painter, Orion’s chief executive officer.
The new pricing will be effective for all shipments beginning Oct. 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.
Wendy Wilson Head of Investor Relations
Orion Engineered Carbons Direct: +1 281-974-0155
wendy.wilson@orioncarbons.com
William Foreman Director of Corporate Communications and Government Affairs
Orion Engineered Carbons Direct: +1 832-445-3305
Mobile: +1 281-889-7833
william.foreman@orioncarbons.com
Source: Orion Engineered Carbons S.A.
FAQ
What is the price increase announcement by Orion Engineered Carbons?
Orion Engineered Carbons announced a price increase for all specialty carbon black grades produced in Europe, effective from October 1, 2022.
Why is Orion Engineered Carbons raising prices?
The price increase is due to rising natural gas and oil prices and political instability in Europe, aimed at maintaining supply and supporting product development.
When will the new prices for Orion Engineered Carbons take effect?
The new pricing will be effective for all shipments beginning October 1, 2022, or as contracts allow.
How will Orion communicate the price increases to customers?
The price adjustments will be communicated individually to customers and will vary depending on the product and manufacturing process.
