Ongoing efforts are critical to achieving
global goals to reduce greenhouse gas emissions, ensuring supply
chain integrity and supporting strong economies
The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry
company with leading market positions in Titanium Technologies,
Thermal & Specialized Solutions, and Advanced Performance
Materials, and Honeywell (NASDAQ: HON), today announced they have
engaged with the Interagency for Market Control of the Hellenic
Ministry of Development (DIMEA), the Hellenic Police, and Hellenic
Customs to stop illegal fluorinated gas (F-gas) refrigerants from
entering the European Union (EU) at the Greek border. Approximately
15.6 tons of suspected unauthorized refrigerants including R-1234yf
used as an automotive refrigerant were seized, tested, and
determined to infringe valid patents or deemed illegal in the
European Union, according to Greek officials. These illegal
products will be safely destroyed before year-end 2023 in a process
that protects workers as well as the planet.
Chemours collaborated with Honeywell in the operation to protect
the Intellectual Property (IP) of refrigerant innovations owned by
both companies and to detect and confiscate illegal F-gases. These
efforts are part of an ongoing commitment by Chemours and Honeywell
to not only protect IP, but to defend people, businesses,
communities and the planet against the ramifications of illegal
import activities. As phasedowns of hydrofluorocarbons (HFCs)
progress in the EU, United States, and elsewhere, black market
activities of refrigerants are expected to increase exponentially,
driving authorities and companies like Chemours and Honeywell to
collaborate on educating invested parties as well as strengthening
enforcement efforts to deter illegal trade of HFCs.
“Chemours stands strong in our responsibility to the customers
and industries we serve, as well as achieving global climate goals,
to protect the IP of our refrigerant products and work with
credible resources to prevent illegal trade,” said Joe Martinko,
interim president of Thermal & Specialized Solutions at
Chemours. “F-gases play a pivotal role in Europe’s decarbonization
goals through a variety of critical industries that rely on
low-global warming potential (GWP) heating and cooling solutions.
There is much at stake from the use of illegal products and the
damage it can have on the supply chain. Moreover, illegals sabotage
regional, national, and global efforts to ensure a sustainable,
healthy planet. The more unregulated volumes of product that enter
the market, the greater the delay in meeting climate
objectives.”
“Over the last several years, Honeywell has worked tirelessly
with industry partners and EU authorities to stop infringement
through outreach and education, being committed to helping
customers meet their ambitious climate targets in Europe and around
the world with the adoption of energy-efficient, low-GWP
hydrofluoroolefins (HFOs), which are critical for driving
environmental transformation in the automotive industry and
beyond,” said Rick Winick, vice president and general manager,
Honeywell Automotive Refrigerants.
Reports by the European Anti-Fraud Office (OLAF) have shown that
in 2021 alone, more than 230 tons of illegally imported F-gases
were seized in multiple countries. Illegal trade of F-gas
refrigerants poses threats in several areas, mainly because these
“products” are unauthorized and may have unknown flammable contents
such as hydrocarbons, impurities, and other contaminants. Illegal
refrigerants can undermine climate objectives and disrupt the
transition to lower-GWP refrigerants, erode the supply chain and
economies that surround it, threaten the safety of workers, and
compromise rapidly accelerating efforts to achieve a circular
economy.
“We are proud to be part of a concentrated effort to stop the
import of illegal F-gases and Patent Infringing Gases into the EU
and, consequently, help prevent illicit practices that otherwise
would prove to be destructive to economies, people’s health and
wellness, and the future of our planet,” Greek officials stated.
“We applaud companies such as Chemours and Honeywell, who are
passionate about using their platforms and leveraging their
resources to join us in these efforts. Our recent mission at the
Greek border demonstrated that with collaboration and dedication by
strong leaders, we can restore order and keep national and global
sustainability missions on track.”
Both Chemours and Honeywell recognize and appreciate the strong
efforts by Greek officials and OLAF working with private industry
to support patent rights and combat the illegal import of
F-gases.
In addition to collaborating with enforcement authorities, the
two companies actively communicate with customers, vendors, and
other stakeholders to raise awareness about the importance of
avoiding illegal and Patent Infringing products. The efforts aim to
help businesses protect themselves from the negative legal impacts
of buying or selling illegal products and promotes responsible
practices in the industry.
To learn more about Europe’s continued efforts to counter
illegal import activity, visit stopillegalcooling.eu.
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.
About Honeywell Honeywell (www.honeywell.com) delivers
industry-specific solutions that include aerospace products and
services; control technologies for buildings and industry; and
performance materials globally. Our technologies help aircraft,
buildings, manufacturing plants, supply chains, and workers become
more connected to make our world smarter, safer, and more
sustainable. For more news and information on Honeywell, please
visit www.honeywell.com/newsroom.
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 March 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.
Honeywell Forward-Looking Statements This release
contains certain statements that may be deemed "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are those that
address activities, events or developments that management intends,
expects, projects, believes or anticipates will or may occur in the
future. They are based on management's assumptions and assessments
in light of past experience and trends, current economic and
industry conditions, expected future developments and other
relevant factors. They are not guarantees of future performance,
and actual results, developments and business decisions may differ
significantly from those envisaged by our forward-looking
statements. We do not undertake to update or revise any of our
forward-looking statements, except as required by applicable
securities law. Our forward-looking statements are also subject to
risks and uncertainties, including the impact of the COVID-19
pandemic and the Russia-Ukraine conflict, that can affect our
performance in both the near- and long-term. In addition, no
assurance can be given that any plan, initiative, projection, goal
commitment, expectation, or prospect set forth in this release can
or will be achieved. Any forward-looking plans described herein are
not final and may be modified or abandoned at any time. We identify
the principal risks and uncertainties that affect our performance
in our Form 10-K and other filings with the Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230718043357/en/
INVESTORS Brandon Ontjes VP, Financial Planning &
Analysis and Investor Relations +1.302.773.3300
investor@chemours.com
Kurt Bonner Manager, Investor Relations, Chemours
+1.302.773.0026 investor@chemours.com
Sean Meakim Investor Relations, Honeywell 704-627-6200
sean.meakim@honeywell.com
NEWS MEDIA Thom Sueta Director of Corporate
Communications, Chemours +1.302.219.7140 media@chemours.com
Stephanie Agresti External Communications, Honeywell
Stephanie.Agresti@Honeywell.com
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