Chemours and Honeywell Partner With Authorities in the European Union to Stop Illegal Refrigerant Imports in Greece
- Chemours and Honeywell's collaboration with Greek authorities demonstrates a commitment to protecting intellectual property and preventing illegal trade of F-gas refrigerants, positioning them as leaders in the fight against illegal import activities.
- The operation's success in seizing and destroying unauthorized refrigerants showcases the effectiveness of collaboration between private companies and government agencies in addressing illegal trade of F-gas refrigerants, which could positively impact the market by deterring future illegal activities.
- The European Anti-Fraud Office's reports on the prevalence of illegally imported F-gases highlight the severity of the issue, emphasizing the importance of efforts by companies like Chemours and Honeywell, as well as government authorities, to combat illegal trade and safeguard the environment, economies, and public health.
- The press release lacks specific financial figures or percentages related to the impact of the operation on the companies' financial performance, making it challenging to assess the immediate financial implications of the collaboration with Greek authorities.
- While the press release emphasizes the negative impact of illegal F-gas refrigerants on climate objectives, supply chains, and economies, it does not provide concrete data to support these claims, which could limit the depth of analysis on the potential market impact.
WILMINGTON, DE / ACCESSWIRE / July 25, 2023 / The Chemours Company ("Chemours") (NYSE:CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, and Honeywell (NASDAQ:HON), today announced they have engaged with the Interagency for Market Control of the Hellenic Ministry of Development (DIMEA), the Hellenic Police, and Hellenic Customs to stop illegal fluorinated gas (F-gas) refrigerants from entering the European Union (EU) at the Greek border. Approximately 15.6 tons of suspected unauthorized refrigerants including R-1234yf used as an automotive refrigerant were seized, tested, and determined to infringe valid patents or deemed illegal in the European Union, according to Greek officials. These illegal products will be safely destroyed before year-end 2023 in a process that protects workers as well as the planet.
Chemours collaborated with Honeywell in the operation to protect the Intellectual Property (IP) of refrigerant innovations owned by both companies and to detect and confiscate illegal F-gases. These efforts are part of an ongoing commitment by Chemours and Honeywell to not only protect IP, but to defend people, businesses, communities and the planet against the ramifications of illegal import activities. As phasedowns of hydrofluorocarbons (HFCs) progress in the EU, United States, and elsewhere, black market activities of refrigerants are expected to increase exponentially, driving authorities and companies like Chemours and Honeywell to collaborate on educating invested parties as well as strengthening enforcement efforts to deter illegal trade of HFCs.
"Chemours stands strong in our responsibility to the customers and industries we serve, as well as achieving global climate goals, to protect the IP of our refrigerant products and work with credible resources to prevent illegal trade," said Joe Martinko, interim president of Thermal & Specialized Solutions at Chemours. "F-gases play a pivotal role in Europe's decarbonization goals through a variety of critical industries that rely on low-global warming potential (GWP) heating and cooling solutions. There is much at stake from the use of illegal products and the damage it can have on the supply chain. Moreover, illegals sabotage regional, national, and global efforts to ensure a sustainable, healthy planet. The more unregulated volumes of product that enter the market, the greater the delay in meeting climate objectives."
"Over the last several years, Honeywell has worked tirelessly with industry partners and EU authorities to stop infringement through outreach and education, being committed to helping customers meet their ambitious climate targets in Europe and around the world with the adoption of energy-efficient, low-GWP hydrofluoroolefins (HFOs), which are critical for driving environmental transformation in the automotive industry and beyond," said Rick Winick, vice president and general manager, Honeywell Automotive Refrigerants.
Reports by the European Anti-Fraud Office (OLAF) have shown that in 2021 alone, more than 230 tons of illegally imported F-gases were seized in multiple countries. Illegal trade of F-gas refrigerants poses threats in several areas, mainly because these "products" are unauthorized and may have unknown flammable contents such as hydrocarbons, impurities, and other contaminants. Illegal refrigerants can undermine climate objectives and disrupt the transition to lower-GWP refrigerants, erode the supply chain and economies that surround it, threaten the safety of workers, and compromise rapidly accelerating efforts to achieve a circular economy.
"We are proud to be part of a concentrated effort to stop the import of illegal F-gases and Patent Infringing Gases into the EU and, consequently, help prevent illicit practices that otherwise would prove to be destructive to economies, people's health and wellness, and the future of our planet," Greek officials stated. "We applaud companies such as Chemours and Honeywell, who are passionate about using their platforms and leveraging their resources to join us in these efforts. Our recent mission at the Greek border demonstrated that with collaboration and dedication by strong leaders, we can restore order and keep national and global sustainability missions on track."
Both Chemours and Honeywell recognize and appreciate the strong efforts by Greek officials and OLAF working with private industry to support patent rights and combat the illegal import of F-gases.
In addition to collaborating with enforcement authorities, the two companies actively communicate with customers, vendors, and other stakeholders to raise awareness about the importance of avoiding illegal and Patent Infringing products. The efforts aim to help businesses protect themselves from the negative legal impacts of buying or selling illegal products and promotes responsible practices in the industry.
To learn more about Europe's continued efforts to counter illegal import activity, visit stopillegalcooling.eu.
About The Chemours Company
The Chemours Company (NYSE:CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products are sold under prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,600 employees and 29 manufacturing sites serving approximately 2,900 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.
About Honeywell
Honeywell (www.honeywell.com) delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which 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 based on certain assumptions and expectations of future events that may not be accurate or realized, such as full year guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions and the COVID-19 pandemic, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended March 2023 and in our Annual Report on Form 10-K for the year ended December 31, 2022. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
Honeywell Forward-Looking Statements
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that address activities, events or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to risks and uncertainties, including the impact of the COVID-19 pandemic and the Russia-Ukraine conflict, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal commitment, expectation, or prospect set forth in this release can or will be achieved. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
INVESTORS
Brandon Ontjes
VP, Financial Planning & Analysis and Investor Relations
+1.302.773.3300
investor@chemours.com
Kurt Bonner
Manager, Investor Relations, Chemours
+1.302.773.0026
investor@chemours.com
Sean Meakim
Investor Relations, Honeywell
704-627-6200
sean.meakim@honeywell.com
NEWS MEDIA
Thom Sueta
Director of Corporate Communications, Chemours
+1.302.219.7140
media@chemours.com
Stephanie Agresti
External Communications, Honeywell
Stephanie.Agresti@Honeywell.com
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