WILMINGTON, Del., May 17, 2016 /PRNewswire/ -- The Chemours
Company ("Chemours") (NYSE: CC), a global chemistry company with
leading market positions in titanium technologies, fluoroproducts
and chemical solutions, announced that it has begun the commercial
startup of its new titanium dioxide (TiO2) line at its Altamira plant in the Mexican state of
Tamaulipas.
Chemours reached mechanical completion of the line in
December 2015. The company has now
begun to run the new line using the Chemours chloride process,
producing Ti-Pure™ TiO2 pigment for customer qualification.
Production on the new line is expected to ramp up steadily with
full nameplate capacity of 200,000 metric tonnes per year being
achieved over a few years. As this happens, Chemours will balance
utilization across its other facilities to align with our
customers' needs.
"The commercial startup of Altamira will help us achieve the near-term
cost reduction objectives and future growth in our five-point
transformation plan," said Mark
Vergnano, president and CEO. "We will leverage the
facility's low-cost capability to supply the high quality products
that our customers expect from our global manufacturing
network."
Chemours has the lowest sustainable TiO2 production cost in the
world due to facility scale, proprietary process and know-how, and
an ability to use a wide variety of ore feedstocks. The company
anticipates that it will reduce overall costs of TiO2 manufacturing
by about $20 million annually. In
addition to the Altamira plant,
Chemours also manufactures TiO2 products at sites in Mississippi, Tennessee and Taiwan.
"Our investment at Altamira
tells our valued customers around the world that Chemours is
committed to being a long-term, reliable supplier of high quality
TiO2," said Bryan Snell, president
of Titanium Technologies. "By enhancing our low-cost position, the
new line at Altamira positions us
to continue providing our high value-in-use products to our global
customer base far into the future."
Bryan Snell will speak at the
Goldman Sachs Basic Materials Conference today, May 17, 2016, at 11:45
a.m. He will be joined by Mark
Newman, senior vice president and chief financial officer,
to address questions following the presentation. A live webcast
will be available via the Chemours' Investor Relations website.
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
Leader
+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