March 24, 2022: Battery materials firm Cabot said on March 15 it will raise prices globally for its carbon black products.
The company blamed the rise on “significant and rapid” increases in prime raw material costs, including oil and natural gas.
Cabot’s increases will vary depending on the product and region — but will come into force for all shipments made after April 15.
The Massachusetts-based company said the increase would ensure it remained a reliable, long-term supplier of products and services and would support new investments.
On March 1, Cabot said it had completed its acquisition of Japan’s Tokai Carbon (Tianjin) from the Tokai Carbon Group.
The deal expands Cabot’s manufacturing capacity to support the growth of its battery materials product line, which can produce up to 50,000 tonnes of carbon black annually.
Cabot said it plans to invest in facility upgrades to produce materials for lithium ion batteries for electric vehicles.
The first phase of upgrades should be completed by early 2024.
Cabot president and CEO Sean Keohane said: “Lithium ion batteries are one of the fastest-growing end markets, and our customers value us as a strategic partner and industry leader in conductive carbon additives.”
Cabot manufactures a range of products including carbon performance additives for advanced lead acid batteries and conductive additives for lithium ion batteries that are used in EVs and energy storage systems.