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Chemours to Expand Opteon™ Capacity in Texas to Meet Growing Customer Needs for Low GWP Solutions
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The Chemours Company (NYSE: CC) announced an $80 million capacity expansion for its Opteon™ YF refrigerant, aiming to increase production by approximately 40%. This initiative supports customer demand for lower global warming potential (GWP) refrigerants as global regulations evolve. The facility, operational since June 2019, is among the largest of its kind worldwide. Chemours estimates its low-GWP product line will help eliminate about 325 million tons of carbon dioxide equivalent by 2025, aligning with sustainability goals while bolstering its competitive market position.
Positive
Capacity expansion of Opteon™ YF by approximately 40% to meet rising customer demand.
Investment of $80 million considered a critical growth initiative.
Production facility remains one of the largest globally for HFO-1234yf refrigerants.
Projected elimination of 325 million tons of CO2 equivalent by 2025 through low-GWP products.
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Company invests to support customers’ growth and a sustainable future by increasing ultra low-GWP refrigerant production by approx. 40%
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, today announced it will be expanding its Chemours Opteon™ YF (HFO-1234yf) capacity to help meet customer needs as they continue transitioning to lower GWP refrigerants. The Opteon™ YF and YF blends refrigerants are now used in millions of vehicles and thousands of retail stores around the world, with zero ozone depletion potential (ODP) and global warming potential (GWP) that is significantly lower than the legacy refrigerants.
Chemours considers the $80 million capacity expansion project a critical growth investment that supports market demands and aligns with Chemours corporate responsibility targets, delivering high returns and delivering on our purpose. When Chemours opened the facility in June 2019, it more than tripled the company’s capacity of Opteon™ YF, making it one of the world’s largest HFO-1234yf production facilities, a distinction it will retain with this project. This investment, along with on-going de-bottlenecking projects, will further increase site capacity by approximately 40%.
“This expansion demonstrates Chemours’s devotion to our customers, the communities in which we live and work, and the health and sustainability of the planet,” said Alisha Bellezza, president of Thermal & Specialized Solutions at Chemours. “Opteon™ YF is a game-changing refrigerant solution accelerating global sustainability initiatives. As demand increases, we are proud to make the investment that will help our customers navigate the complex regulatory landscape while supporting their bottom line with a high-performing, readily available product.”
The refrigerants manufactured by Chemours in Ingleside—which is 20 minutes outside of Corpus Christi—will be delivered to a rapidly growing base of customers around the world. In the mobile air conditioning market, the number of vehicles on U.S. roads using HFO-1234yf is estimated to be at least 80 million. Since the opening of the production facility, several equipment manufacturing companies have also selected Opteon™ products for residential and commercial HVAC applications. By 2025, Chemours estimates that its low-GWP product line will eliminate an estimated 325 million tons of carbon dioxide equivalent globally.
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.
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. 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.
