ART adjusts pricing to reflect higher input costs
Advanced Refining Technologies LLC (ART), the joint venture of U.S. specialty chemicals and materials company W. R. Grace & Co. and U.S.-based energy company Chevron announced global price increases for its hydroprocessing catalysts amid rapidly rising raw materials and energy costs. Prices will increase up to 15% based on product type and specific customer commitments.
"The demand for high-quality hydroprocessing catalyst technology remains extremely high as demand and margins for refined products continue to strengthen through the end of 2022 and into 2023," said Nathan Ergonul, ART Managing Director. "The pricing actions we are taking today are necessary to offset record inflationary pressure while continuing our commitment to offering industry-leading catalyst performance and expert-level technical service. These actions are essential to continue creating significant incremental profit for our customers."
For hydroprocessing catalysts, the industry is experiencing unprecedented cost increases for raw materials such as alumina, caustic soda and acids. Freight and logistics costs are also higher, affecting the cost of delivering finished premium catalysts. Due partly to the ongoing conflict in Ukraine, energy prices today are at or near historic highs, significantly affecting manufacturing hydroprocessing catalyst costs.
ART continues its efforts to reduce costs, increase productivity, reinvest in manufacturing reliability and capacity and drive operational efficiencies.