ChampionX Chemical Technologies business moves forward with price increases
SUGAR LAND, TX, Mar 10, 2021 – ChampionX LLC (the “Company” or “ChampionX”) today announced a price increase for customers in its Chemical Technologies segments. Pricing for most ChampionX chemical products and programs will increase globally between 5 and 13 percent, varying by country and product line. This price increase will be effective April 1, 2021, or per contractual requirements.
This price adjustment is driven by increases in key raw material costs, combined with global inflationary factors in labor and freight. ChampionX sales personnel will contact customers directly to discuss the impact of these increases.
“We have been proud to partner with our customers to help them during the toughest downturn in our industry’s history,” said Chief Operating Officer and President, Chemical Technologies Deric Bryant. “We helped with urgency to optimize customer programs, institute digital alternatives and diligently reduce our structural costs by being more effective and efficient. Our customers will continue to reap value from that work and ongoing efforts now and in the future.”
“With improved oil and related petrochemical prices and demand impact on raw material costs, we must partner with customers now as we partnered to help them navigate the downturn.”
This price increase is separate and unrelated from any acute impacts associated with the recent U.S. Gulf Coast freezing weather event. Any issues associated with that event will be dealt with on a separate and unique basis with any affected customers.
ChampionX (formerly known as Apergy Corporation) is 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’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells. To learn more about ChampionX, visit our website at www.championX.com.
Investor Contact: Byron Pope
Media Contact: John Breed