Leader in responsible chemistry makes decision
in support of global environmental initiatives; amps up strategies
to facilitate industry transition to lower GWP solutions.
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 its strategic decision to cease sales of
Freon™ 404A (R-404A) and Freon™ 507 (R-507) in the United States.
Chemours—the inventors of Freon™ and Opteon™ refrigerant portfolios
—will discontinue U.S. sales of these select Freon™ products as of
May 2, 2024, in support of regulatory phasedown requirements.
The strategy aligns with regulatory phasedowns of
hydrofluorocarbons (HFCs), outlined under the American Innovation
and Manufacturing (AIM) Act and Canada’s Ozone-depleting Substances
and Halocarbon Alternatives Regulations (ODSHAR).
"This decision supports our commitment to creating a better
world through the power of our chemistry, advancing
decarbonization, circularity, and socioeconomic value through
greener solutions industrywide,” said Doug Westerhoff, Americas
Sales Director of Thermal & Specialized Solutions at Chemours.
"The U.S. AIM Act outlines an ambitious phasedown program that
demands a significant reduction in HFC sales and consumption with a
targeted 40% phase down by 2024. This target helped shape the
timing of our announcement, and we are confident this decision will
contribute significantly to our customers meeting their
sustainability targets."
Chemours continues to work closely with its customers and
partners to provide them with the best alternatives for their
applications and markets, ensuring a smooth and seamless
transition. Opteon™ XP40, (R-449A) is a cost-effective solution for
existing R-404A/R-507 applications, offering superior performance,
energy efficiency, and environmental benefits. Opteon™ XL40
(R-454A) and XL20 (R-454C) products are excellent solutions for new
equipment that will meet the future EPA Technology Transition
rules.
By ceasing the provision of higher GWP refrigerants in the
market, Chemours is making a clear and decisive move towards real
change, underlining the urgent need for industry-wide commitment to
this global responsibility. Chemours will continue investing in
research and development to drive the innovation of next-generation
refrigerants and other sustainable solutions.
Chemours supports the spirit of the AIM Act. That is, to drive
the market toward more sustainable chemistry by limiting the sales
of legacy high global warming potential HFC materials. Now is the
time to recognize these limits and embrace the opportunities for
innovation and sustainable change. Chemours will continue to pave
the way for this technology transition in next-generation
refrigerant solutions by working closely with OEMs, and offering
customers technical training opportunities, product guidance, and
tailored support to address their specific needs. We believe that
together, the future of refrigerants can be easy.
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 6,200 employees and 28 manufacturing sites, and
serves approximately 2,700 customers in approximately 110
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 X (formerly Twitter) @Chemours or on 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, expected contributions to customers’ sustainability
targets, our ability to meet future EPA Technology Transition
rules, plans to continue investment in research and development,
and plans regarding the technology transition in next-generation
refrigerant solutions, 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, geopolitical conditions and
global health events, and changes in environmental regulations in
the U.S. or other jurisdictions that affect demand for or adoption
of our products, 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 Annual Report on Form
10-K for the year ended December 31, 2023 and our Quarterly Report
on Form 10-Q for the quarter ended March 31, 2024. Chemours assumes
no obligation to revise or update any forward-looking statement for
any reason, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240502858082/en/
INVESTORS Brandon Ontjes Vice President, 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
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