Victrex : Latest information for customers (COVID-19 & Pricing)

UPDATED 5th April 2022

Safety, health and well-being of our people

At Victrex, the safety, health and well-being of all our employees is the highest priority, alongside security of supply for our customers and ensuring we continue to be a sustainable business. We established a COVID-19 committee at the start of 2020 and continue to take appropriate precautions and remain proactive in our approach, even if case rates have declined globally since the start of the pandemic.

Chemicals as an essential industry

The UK government defines Chemicals as an essential industry with essential workers, with Victrex also having a long-standing history in supporting many critical and "life-sustaining" applications, particularly in Medical. In the US, we continue to operate on an ongoing modified basis, defined as being a 'life-sustaining' organisation in several states. Overall, our supply chain continues to function effectively with high service levels for our customers.

Return to site

Overall, the majority of our global employees have now Returned to Site, supported by our Global Flexible Working Policy, although our Return to Site plans vary by region:

• Our UK Return to Site was completed in March 2022, with some restrictions and guidelines remaining
• Our China technical centre reopened in Autumn 2020 (though is currently closed due to new restrictions)
• Our US offices and manufacturing facilities have largely Returned to Site
• Our Europe team have also started a phased return to site, with certain control measures remaining in place for a period of time.
• Japan and Korea teams continue to largely work from home.

Risk assessments for Return to Site are only in consultation and approval through our COVID-19 committee.

Security of supply for customers and pricing

Our raw material and finished goods stocks remain appropriate at the current time for our customers, with global warehouses able to supplement our production. Well over 90% of our customer deliveries have been on time in full (OTIF) since the onset of COVID-19.

Victrex has a world-class track record of security of supply for our customers.

As we have been indicating over recent months, the unprecedented increase in energy, raw materials and transportation costs, which are being seen worldwide, has necessitated the need for further price increases.

Sustainability

Sustainability is integral to Victrex's business model and is a clear part of our purpose 'Bringing Transformational & Sustainable Solutions That Address World Material Challenges Every Day'.

Our products help bring environmental & societal benefit, for example, by supporting lightweighting and CO2 reduction in Aerospace and Automotive applications, and clinical benefit in Medical. We have a target to grow our Sustainable products from nearly 50% today to over 70% by 2030.

We have also set a clear carbon net zero goal for our scope 1 & 2 emissions by 2030, with a number of workstreams in place to support us in how we can reduce our carbon footprint. Our broader Sustainability agenda includes Inclusion & Diversity (I&D) and STEM (Science, Technology, Engineering & Maths), where we are seeking to develop and inspire the next generation of students in science and innovation through outreach work.

Within the community, Victrex has a strong track record of supporting our communities wherever we operate globally. Recently, we have seen community volunteering, the manufacture of 3D printed masks and manufacture of ear savers for masks from recycled material in one of our facilities as part of the effort against COVID. We continue to play our part.