ChampionX Chemical Technologies business announces price adjustments to counter inflationary factors
SUGAR LAND, TX, Sept. 16, 2021 – ChampionX LLC (the “Company” or “ChampionX”) today announced it would move forward with price increases for customers in its Chemical Technologies segments. Pricing for most ChampionX chemical products and programs will increase globally between 8 to 10 percent, varying by country and product line. This price increase will be effective October 1, 2021, or per contractual requirements.
These price adjustments are driven by the continued unprecedented inflation in raw material chemical costs, escalating global freight and transportation costs, and a tight labor market. Chemical Technologies sales personnel will contact customers directly to discuss the impact of these increases.
“Our ability to deliver technology with impact is what drives value for our customers on a global basis. We have continued to put our problem-solving capability to work helping customers be successful despite the industry and market challenges this year,” said Deric Bryant, Chief Operating Officer and President, Chemical Technologies. “These underlying market forces have been amplified by unexpected 2021 events such as Winter Storm Uri and the recent U.S. Gulf Coast hurricane activity, which have led to delays, disruptions, and even force majeure situations with some suppliers.”
“ChampionX is continuing to put its continuous improvement culture to work every day to successfully deliver projects designed to improve our cost structure, drive efficiencies, and digitally enable our operations. Additionally, we are leveraging our global supply chain footprint and long-standing supplier partnerships to address unprecedented shortages of key raw materials. We will continue to be there to serve our customers when and where they need us the most,” Bryant added.
ChampionX is a subsidiary of ChampionX Corporation, a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX Corporation’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells. Visit www.championx.com to learn more.
Investor Contact: Byron Pope
Media Contact: John Breed
Source: ChampionX Corporation