WILMINGTON, Del., May 2, 2016 /PRNewswire/ -- The Chemours
Company (Chemours) (NYSE: CC), a global chemistry company with
leading market positions in titanium technologies, fluoroproducts
and chemical solutions, takes another step in its five-point
transformation plan by investing in large-scale manufacturing
to expand supply of its Opteon™ family of products.
Chemours will invest $230 million
over three years to construct the new facility at the Chemours
Corpus Christi site in Ingleside,
Texas, with start-up expected in third quarter of
2018. This investment will triple capacity of Opteon™
products, enabling Chemours to capitalize on a cornerstone growth
opportunity.
The Opteon™ portfolio is a breakthrough line of solutions with
very low Global Warming Potential (GWP). The new site will use an
innovative, patented process to manufacture Opteon™ YF
(HFO-1234yf), which is used in automotive air conditioning and in
Opteon™ refrigerant blends for a range of applications.
"Opteon™ products were developed in response to increasingly
stringent environmental regulations, and in many cases they perform
better than the products they replace," said Mark Vergnano, president and CEO. "This is
another step in our transformation plan, and is a shining example
of how Chemours is investing in innovative growth opportunities as
we become a higher value chemistry company, delivering essential
solutions that improve the quality of life."
This investment will create the world's largest facility for
manufacturing hydrofluoroolefins (HFOs), and the location will
allow Chemours to efficiently serve the growing market in
North America and Europe, as well as the rest of the world.
Today Chemours is the capacity leader for HFO-1234yf-based
products, a position that will be maintained through this
investment.
Expanded capacity will enable Chemours to meet customer needs in
the face of exponential growth in demand for Opteon™ products. The
company estimates that 40 million cars using HFO-1234yf will be on
the road by end of 2017, growing to 140 million by end of 2020. The
company predicts that one thousand supermarket and commercial
refrigeration systems worldwide will be using Opteon™ XP40 by end
of 2016, growing to as many as 10,000 systems by end of 2020.
Chemours has commercialized Opteon™ products for use in
automotive air conditioning, stationary and transport refrigeration
and chillers. The company has a development pipeline of additional
Opteon™ solutions for stationary air conditioning, foam blowing
agents and waste heat recovery.
For more than 85 years the fluorochemicals business within
Chemours has provided innovative refrigeration and foam expansion
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.
Chemours products with low global warming potential are expected
to eliminate an estimated 300 million tons CO2 equivalent by 2025
on a global basis, while also increasing energy efficiency in many
applications.
Opteon™ YF has a Global Warming Potential (GWP) that is 99.9
percent lower than the refrigerant it replaces, which is helping to
lower the greenhouse gas footprint of motor vehicles.
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.
Forward-Looking Statements
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.
CONTACT:
MEDIA:
Janet
Smith
Global Corporate Communications
Manager
+1.302.773.4508
janet.e.smith@chemours.com
INVESTORS:
Alisha
Bellezza
Director of Investor
Relations
+1.302.773.2263
investor@chemours.com
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SOURCE The Chemours Company