WILMINGTON, Del., Aug. 2, 2019 /PRNewswire/ -- The Chemours Company
(Chemours) (NYSE: CC), a global chemistry company with leading
market positions in titanium technologies, fluoroproducts and
chemical solutions, today announced the acquisition of Southern
Ionics Minerals, LLC (SIM), a minerals exploration, mining, and
manufacturing company headquartered in Jacksonville, Florida. SIM was a wholly owned subsidiary of Southern
Ionics Incorporated (SII), a privately held inorganic chemical
manufacturer based in West Point,
Mississippi.
SIM mines and processes titanium and zirconium mineral sands
from a similar geological formation
as those produced by Chemours at the company's existing mineral
sands mine in Florida. This
acquisition provides Chemours with tremendous flexibility and
scalability to internally source ore, nearly doubling its capacity.
The acquisition includes a mineral sands processing plant in
Offerman, Georgia, an existing
mine site in Charlton County
Georgia, and administrative offices in Jacksonville, Florida.
According to Bryan Snell,
president of the Titanium Technologies business for Chemours, the
SIM assets complement the company's long-term business goals.
According to Snell: "When we announced plans to begin operations at
a new mineral sands mine site in Jesup,
Georgia, we partnered with SIM to process the sands on our
behalf. Their facilities for separating and processing the minerals
were essential to our growth plans."
"But more importantly, SIM has a track record that demonstrates
their strong commitment of being a responsible steward of the land
and a good neighbor to the communities in which they operate," said
Snell. "Their values of trust and integrity are closely aligned
with our corporate value of unshakable integrity and our corporate
responsibility commitments. We are proud to have SIM and its
employees as part of our mining operations business," he added.
Chemours has the unique capability of producing its Ti-Pure™
brand of titanium dioxide from a wide variety of ores. In acquiring
the SIM assets, the company will have additional access to large,
high-value ilmenite ore deposits to produce titanium dioxide
pigments. Having access to these internally produced ores delivers
advantages for the business and provides a stable and predictable
cost structure for customers, supporting the company's Ti-Pure™
Value Stabilization (TVS) strategy of investing in building
capacity and product innovation, while fostering enduring,
value-oriented customer relationships.
Snell noted that Chemours has mined mineral sands in
Florida for more than 70 years
with a strong reputation for responsible mine development. He
added: "The outstanding environmental stewardship and strong local
community support that has been the foundation of SIM's mining
operations in Georgia is an
important marker of the synergy between the two companies."
With this transaction completed, SIM becomes a wholly-owned
subsidiary of The Chemours Company. They will be integrated into
existing Chemours operations.
About The Chemours Company
The Chemours Company
(NYSE: CC) 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 general industrial
manufacturing. Our flagship products include prominent brands such
as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™.
Chemours published its first corporate responsibility commitment
report in 2018, which highlights goals aligned with the United
Nations Sustainable Development Goals. The company has
approximately 7,000 employees and 28 manufacturing sites serving
approximately 3,700 customers in over 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 the safe
harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995, that 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 any historical or current fact. The words
"believe," "expect," "will," "anticipate," "plan," "estimate,"
"anticipate," "target," "project," and similar expressions, among
others, generally identify "forward-looking statements" which speak
only as of the date the statements were made. These forward-looking
statements may address, among other things, the outcome or
resolution of any pending or future environmental liabilities,
litigation and other legal proceedings or contingencies,
anticipated future operating and financial performance, business
plans and prospects, transformation plans, cost savings targets and
plans to increase profitability, 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 based on certain assumptions and
expectations of future events which may not be accurate or
realized. Forward-looking statements also involve risks and
uncertainties which are beyond Chemours' control. 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 Securities and
Exchange Commission, including our Annual Report on Form 10-K for
the year ended December 31, 2018.
Chemours assumes no obligation to revise or update any
forward-looking statement for any reason, except as required by
law.
CONTACTS:
NEWS MEDIA
Ted
Sikorski
Global Communications Leader, Titanium
Technologies & Chemical Solutions
+1.302.773.2768
ted.sikorski@chemours.com
INVESTORS
Jonathan
Lock
VP, Corporate Development and Investor
Relations
+1.302.773.2263
investor@chemours.com
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SOURCE The Chemours Company