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Kraton to raise prices on CTO refinery products by 20%

·1 min read
Kraton to raise prices on CTO refinery products by 20%
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Kraton Corp. said Monday it will raise prices by 20% across all of its crude tall oil (CTO) refinery products and derivatives, effective June 1, amid rising raw materials costs. CTO is a byproduct of pine wood pulping and then refined into tall oil fatty acid (TOFA), tall oil resin (TOR), distilled tall oil (DTO) and pitch, which can then be upgraded into biobased chemicals. The products are used in many applications, including fuel additives, detergents, soaps, adhesives, oilfield chemicals and metalworking fluids. In Kraton's first-quarter results announced on April 29, Chief Executive Kevin Fogarty had said he expected "further realization of announced price increases will alleviate margin pressure associated with raw material price inflation experienced during the first quarter of the year." Kraton's stock, which was still inactive in premarket trading, has lost 5.5% over the past three months while the S&P 500 has gained 6.2%.