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Chemours Commends the U.S. Senate for Ratification of the Kigali Amendment
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Rhea-AI Summary
The Chemours Company commends the U.S. Senate's ratification of the Kigali Amendment, joining around 140 nations to significantly reduce hydrofluorocarbons (HFCs) by over 80% in 30 years. This step supports the American Innovation & Manufacturing Act, which Chemours endorses, promoting sustainability and competitive advantages for U.S. companies. Chemours has invested over one billion dollars in its Opteon portfolio to facilitate this transition. A recent $80 million expansion in Texas aims to boost production capacity by 40%, enhancing its offerings in environmentally friendly thermal management solutions.
Positive
U.S. Senate's ratification of Kigali Amendment supports Chemours' sustainability initiatives.
Company invested over $1 billion in Opteon portfolio, enabling sustainable product transition.
$80 million expansion project in Texas to increase Opteon production capacity by 40%.
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Senate ratification elevates U.S. commitment to the health of the planet and establishes strong foundations for competitive advantage across multiple American businesses and industries
WILMINGTON, Del.--(BUSINESS WIRE)--
The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, commends the U.S. Senate for ratifying the Kigali Amendment to the Montreal Protocol. The U.S. joins approximately 140 other parties that have joined the international agreement to decrease the production and consumption of hydrofluorocarbons (HFCs) by more than 80% over the next 30 years.
Global implementation of the HFC phasedown called for by the American Innovation & Manufacturing (AIM) Act and the Kigali Amendment would address a contributor to climate change, avoiding up to 0.5 degrees Celsius in temperature increases by 2100. In addition, the U.S. ratification of the Kigali Amendment will extend the benefits of the AIM Act, which Chemours has endorsed, further advancing sustainability initiatives as well as providing competitive advantages for U.S. companies and products in the global marketplace.
“The U.S. Senate’s ratification of the Kigali Amendment is another significant step forward for our country, our planet, and companies such as Chemours that have long been committed to providing the leadership and innovation necessary to allow society to operate in the most healthy, comfortable, and environmentally responsible way possible,” said Alisha Bellezza, President, Thermal & Specialized Solutions at Chemours. “From driving global sustainability goals forward, to empowering U.S. employment, manufacturing, and trade that will support a vibrant economy, this ratification offers advantages on many levels that are integral to the refrigeration, air conditioning, foam blowing agent, and other industries. Chemours is dedicated to helping the industries and communities we serve navigate regulatory and market changes in ways that best support their businesses and lives.”
Chemours has been consistent in its support of the orderly global phasedown of HFCs, which delivers environmental and economic benefits as nations continue to take important steps to address climate change. To support its customers and the planet, Chemours has invested over one billion dollars in its Opteon™ branded portfolio of low global warming potential (GWP) hydrofluoroolefin (HFO) and HFO-blend thermal management technology.
The company has invested more than one billion dollars in product innovation, manufacturing assets, and downstream product and application development enabling Chemours’ customers and value chain partners to successfully transition to more sustainable solutions in their respective applications. Most recently, Chemours announced a new $80 million capacity expansion project at its facility in Texas to support customers’ growth and a sustainable future. The investment, along with on-going de-bottlenecking projects, will further increase site production capacity of Opteon™ YF (HFO-1234yf) by approximately 40%.
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 include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
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. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected 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, 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 June 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
