Chemours Works with Authorities in Northern China to Shutdown Chemical Plant Producing Fake Viton™ FreeFlow

Rhea-AI Summary

Chemours (CC) has successfully shut down a large-scale manufacturing operation of counterfeit Viton™ FreeFlow™ fluoroelastomer in northern China. Law enforcement agencies discovered 4.7 tons of finished products, 9 tons of raw materials, and packaging materials, with the value of the counterfeit products reported to be in the millions of dollars. Two individuals have been apprehended and face charges related to the illegal production and distribution of counterfeit goods. Chemours' Global Product & Business Director, Eric von Brockdorff, emphasized the risks posed by counterfeit goods in the chemical sector and highlighted the importance of collaborative efforts with law enforcement agencies in combating counterfeit production.

WILMINGTON, Del.--(BUSINESS WIRE)-- Law enforcement agencies in northern China have shut down large-scale manufacturing of counterfeit Viton™ FreeFlow™ fluoroelastomer, a product falsely bearing Chemours' trademarks, at a local chemical plant.

During an investigation at the facility, authorities discovered a substantial quantity of the fake fluoroelastomer, including 4.7 tons of finished products and 9 tons of raw materials (expected to produce approximately 20 tons of finished products), as well as packaging materials and related business documents. The value of the counterfeit products was reported to be in the millions of dollars.

The plant and its affiliated entities reportedly purchased genuine Viton™ FreeFlow™ fluoroelastomer from Chemours local subsidiaries to help mask their counterfeiting operations.

Local police, in collaboration with Chemours’ local counsel and a subsidiary, have so far apprehended two individuals who now face charges related to the illegal production and distribution of counterfeit goods. The suspects' identities are being withheld pending further investigation.

“This operation represents a significant stride in our ongoing battle against counterfeit production and the illicit trade of fake goods,” said Eric von Brockdorff, Global Product & Business Director for Chemours. “Counterfeit goods, especially in the chemical sector, pose substantial risks to safety, product quality, and the reputation of authentic products.”

“The success of this interdiction also underscores the importance of our collaborative efforts with law enforcement agencies in combating counterfeit production,” von Brockdorff added. “It’s yet another way we put the interests of our customers and business partners first.”

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.

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 September 30, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231218536474/en/

INVESTORS

Brandon Ontjes

VP, Financial Planning & Analysis and Investor Relations

+1.302.773.3300

investor@chemours.com

Kurt Bonner

Manager, Investor Relations

+1.302.773.0026

investor@chemours.com

NEWS MEDIA

Cassie Olszewski

Corporate Media & Brand Reputation Leader

+1.302.219.7140

media@chemours.com

Source: The Chemours Company

FAQ

What is the latest news about Chemours (CC) in China?

Chemours (CC) has successfully shut down a large-scale manufacturing operation of counterfeit Viton™ FreeFlow™ fluoroelastomer in northern China.

What did law enforcement agencies discover during the investigation at the chemical plant in China?

Authorities discovered 4.7 tons of finished products, 9 tons of raw materials, and packaging materials, with the value of the counterfeit products reported to be in the millions of dollars.

Who has been apprehended in connection with the counterfeit production in China?

Two individuals have been apprehended and face charges related to the illegal production and distribution of counterfeit goods.

What are the risks highlighted by Chemours' Global Product & Business Director, Eric von Brockdorff, regarding counterfeit goods in the chemical sector?

Eric von Brockdorff emphasized the risks posed by counterfeit goods in the chemical sector, including substantial risks to safety, product quality, and the reputation of authentic products.

What is the importance of collaborative efforts with law enforcement agencies emphasized by Eric von Brockdorff?

Eric von Brockdorff highlighted the importance of collaborative efforts with law enforcement agencies in combating counterfeit production, putting the interests of customers and business partners first.