Cabot Corporation to Increase Prices for Rubber Carbon Black Products Manufactured in North America
BOSTON – August 16, 2023 – Cabot Corporation announced it will increase prices for all carbon black products sold by its Reinforcement Materials segment in North America, effective for all shipments on or after October 1, 2023, or as customer contracts allow. The price increase will range from 6% to 9%, depending on product and packaging type.
This price increase will address higher costs associated with continued inflationary impacts on manufacturing operations, including higher operating and maintenance costs needed to ensure a continuation of Cabot’s reliable and consistent supply of carbon black to its customers. In addition, the price increase will address additional costs to advance sustainability objectives for both Cabot and its customers.
Cabot is also investing in projects to meet government requirements to control air emissions from its carbon black manufacturing facilities in North America. The cost and complexity of Cabot’s manufacturing operations are increasing substantially as these large and highly technical systems are constructed and put into service.
Furthermore, Cabot is making significant investments in the development of new sustainable products and processes to respond to customers’ requests to increase sustainable material content and reduce their CO2 footprint. These include a pipeline of development projects supporting Cabot's EVOLVE® Sustainable Solutions technology platform for advancing sustainable reinforcing carbons.
Collectively, these actions will enable Cabot to continue to supply its customers with industry-leading solutions while providing high levels of quality as well as the sustainability benefits its customers desire.
ABOUT CABOT CORPORATION
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in the press release regarding Cabot's business that are not historical facts are forward looking statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.
Contact: Emily Moran