WILMINGTON, Del., November 8, 2016 – The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, announced today that the company has increased its estimate for the expected number of vehicles to be utilizing its Opteon™ YF (HFO-1234yf) refrigerant in their air conditioning systems for 2016 and 2017. The company made the announcement last week at the 2016 Automotive Aftermarket Products Expo, increasing their estimate of HFO-1234yf use to be over 24 million cars by the end of 2016 and over 50 million cars by the end of 2017.
Opteon™ YF is a high-performance, low global warming potential (GWP) refrigerant with a GWP of less than one, even lower than CO2. Opteon™ YF was developed by Chemours to help meet the European MAC Directive, which prohibits the use of fluorinated gases with a GWP of more than 150 times greater than CO2. Opteon™ YF is seeing increased adoption across the automotive industry as it offers improved life cycle performance compared to HFC-134a, while offering comparable energy efficiency and cooling capacity.
“We are extremely pleased to increase our expectations for the adoption of Opteon™ YF as it shows that the automotive industry has accepted it as the preferred global solution for air conditioning systems,” said Diego Boeri, vice president Chemours Fluorochemicals. “We expect to see its use continue to rise as more and more new cars hit the road and as those cars need to be serviced in the aftermarket.”
Chemours is the world’s leading producer of HFO-1234yf and the company’s world class facilities allow it to help meet the growing needs of the industry for high quality, sustainable automotive refrigerants. In May of 2016, Chemours announced that they plan to triple their capacity of HFO-1234yf by investing in a large-scale manufacturing facility at their Corpus Christi site in Ingleside, Texas. The investment will create the world's largest manufacturing facility of HFOs upon its startup in third quarter 2018 and will allow Chemours to efficiently serve the growing market for these products in North America and Europe, as well as the rest of the world.
The Opteon™ portfolio of refrigerants from Chemours represents a breakthrough line of low GWP solutions. They were developed to help meet increasing global HFC regulations while maintaining or improving performance compared to incumbent products. Chemours has invested millions of dollars to bring these new products to market and will continue to invest in new products and additional capacity as the need for low GWP solutions grows throughout the world.
For more information visit us at Opteon.com.
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.
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.
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Global Marketing Communications Consultant
Director of Investor Relations