The Company’s Latest Estimate Represents an Eight Percent Improvement vs. Its 2015 Evaluation and Is Aligned with Today’s Call from Global Leaders to Amend the Montreal Protocol
Wilmington, DE., September 22, 2016 – The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, announced today that it has increased the expected greenhouse gas reduction provided by its Opteon™ portfolio by over 8 percent. The company now expects that its low global warming potential (GWP) product line will eliminate an estimated 325 million tons CO2 equivalent by 2025 on a global basis.
This new announcement comes in support of today’s call from global leaders of over 100 countries to amend the Montreal Protocol in order to accelerate the phasedown of hydrofluorocarbons (HFCs). The proposed amendment would include an early first reduction step for Article 2 countries and an early freeze date for Article 5 countries.
“Chemours fully supports the continued effort to reduce the use and emissions of high GWP HFCs,” said Paul Kirsch, president of Chemours Fluoroproducts. “We believe that our portfolio of Opteon™ low GWP solutions provides the industry with a clear path forward when it comes to transitioning to more sustainable alternatives, without reducing performance.”
The Opteon™ portfolio of fluorochemicals from Chemours represents a breakthrough line of low GWP solutions. Based on hydrofluoro-olefin technologies such as HFO-1234yf and HFO-1336MzzZ, the portfolio was developed to help meet increasing global HFC regulations while maintaining or improving performance compared to incumbent products. Chemours has commercialized Opteon™ products for use in automotive air conditioning, stationary and transport refrigeration and chillers. The company also has a development pipeline of additional Opteon™ solutions for stationary air conditioning, foam blowing agents and waste heat recovery.
Chemours recently announced two major investments in the large scale manufacturing of Opteon™ products. In May of 2016, the company announced that it will invest hundreds of millions of dollars over the next three years to construct a new HFO-1234yf plant in Corpus Christi, Texas, with expected start-up in the second half of 2018. In November of 2015, the company also officially broke ground on the world’s first full-scale production facility for HFO-1336mzzZ, with expected production beginning mid-year 2017. These investments will provided increased capacity for low GWP refrigerants and blowing agents, allowing Chemours to provide its customers with the solutions they need to meet the changing regulations within the industry.
For more than 85 years the fluorochemicals business within Chemours has provided innovative refrigeration and foam blowing solutions to meet changing customer needs. Opteon™ low GWP products are the latest innovation, offering a long-term solution for our customers along with drastically reduced impact to the environment. The global adoption of Opteon™ products represents a clear path toward moving the world away from HFCs, which have high global warming potential.
For more information visit us at Opteon.com.
About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry. Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil refining operations and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™ and Nafion™. Chemours has approximately 8,000 employees across 35 manufacturing sites serving more than 5,000 customers in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information please visit chemours.com or follow Chemours on Twitter at @chemours.
This press release contains forward-looking statements, which often may be identified by their use of words like “plans,” “expects,” “will,” “believes,” “intends,” “estimates,” “anticipates” or other words of similar meaning. These forward-looking statements address, among other things, our anticipated future operating and financial performance, business plans and prospects, transformation plans, resolution of environmental liabilities, litigation and other contingencies, plans to increase profitability, our ability to pay or the amount of any dividend, and target leverage that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. The matters discussed in these forward-looking statements also are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements, as further described in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended December 31, 2015. Chemours undertakes no duty to update any forward-looking statements.
SOURCE: The Chemours Company