WILMINGTON, Del., June 14, 2016 /PRNewswire/ -- The Chemours
Company (Chemours) (NYSE: CC), a global chemistry company with
leading market positions in titanium technologies, fluoroproducts
and chemical solutions, has signed a definitive agreement to sell
the assets which comprise its Sulfur Products business, part of its
Chemical Solutions segment, to Veolia North
America for $325 million in
cash. The company anticipates closing the transaction within the
second half of 2016, subject to customary closing conditions and
regulatory approvals.
"Today marks the completion of our Chemical Solutions portfolio
review—a key milestone in our five-point transformation plan," said
Mark Vergnano, Chemours president
and CEO. "In less than one year, we sold our aniline facility in
Beaumont, Texas; began cost
improvement efforts in our Methylamines business in Belle, W.Va.; began shutdown of our Reactive
Metals Business in Niagara Falls,
N.Y.; and announced the sale of our Clean and Disinfect and
Sulfur businesses. Once complete, we will have a lower
capital-intensive and streamlined Chemical Solutions portfolio that
includes our growing Cyanides business. The total gross proceeds
from the three divestitures will be approximately $700 million, providing strategic flexibility as
Chemours completes its transformation plan."
Sulfur Products, with approximately $250
million in revenue, is a leading provider of sulfuric acid
products and services to a range of industries in North America. It is a leading provider of
spent acid regeneration (SAR) and sulfur gas recovery (SGR)
services, non-fuming sulfuric acid and higher value sulfur
derivatives (HVSDs). There are approximately 240 employees
supporting Sulfur Products primarily located at 7 production sites
in North America.
Barclays is acting as financial advisor and Wachtell, Lipton,
Rosen & Katz is acting as legal advisor to Chemours.
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.
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. It is uncertain
whether the transaction announced will be consummated, and if it is
completed, what impact it will have on Chemours' results of
operations and financial condition. These forward-looking
statements address, among other things, the ability of the parties
to satisfy the conditions precedent and consummate the anticipated
transaction, the timing of consummation of the transaction, the
ability of the parties to secure regulatory approvals in a timely
manner or on the terms desired or anticipated, the ability to
implement the anticipated business plans following closing and
achieve anticipated benefits and savings, 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.
CONTACTS:
MEDIA:
Alvenia
Scarborough
Director of Brand &
Communications
+1.302.773.4507
alvenia.g.scarborough@chemours.com
INVESTORS:
Alisha
Bellezza
Treasurer & Director of Investor
Relations
+1.302.773.2263
investor@chemours.com
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SOURCE The Chemours Company