WILMINGTON, Del., Oct. 30, 2017 /PRNewswire/ -- The Chemours Company (Chemours) (NYSE: CC) is pleased to announce it has entered into an agreement to build a state-of-the-art research and innovation facility on the University of Delaware's Science, Technology and Advanced Research (STAR) Campus.
When fully operational the project will establish a world-class innovation partnership and talent development pipeline between chemical industry leader Chemours and the University of Delaware. It will also keep 330 researcher and technician jobs in the Wilmington metro area. Construction on the new 312,000-square-foot facility, representing an investment of approximately $150 million, is expected to begin this year; plans call for it to be completed by early 2020.
"Chemours wants to be the best in the world at using chemistry to develop products and applications that serve our customers' needs," said Chemours President and CEO Mark Vergnano, "and having a state-of-the-art innovation center and a long-term research partnership with the University of Delaware puts us in a stronger position to do just that."
"The University of Delaware is excited to welcome Chemours to the STAR Campus, where we are creating a bold future of innovation for our state and region," said UD President Dennis Assanis. "Not only will the University's students and faculty benefit from this vibrant new research partnership, but, together, we will be making our entire economy stronger and more resilient for years to come."
Delaware Governor John Carney was equally enthusiatic: "We work together well in Delaware, and this partnership between Chemours and our flagship university will help drive innovation in our state, prepare Delaware students to succeed, and pave the way for additional economic growth." The governor added, "Chemours' continued investment at the STAR campus and in Wilmington is further proof that Delaware is a great place for companies to innovate, grow, and create good-paying jobs. We look forward to working together with Chemours and the University of Delaware to support this partnership."
State legislators and members of Congress have also been steadfast and vocal supporters of the Chemours and University of Delaware partnership.
Said U.S. Senator Tom Carper, "Chemours' plan to build its innovation center adds to the excitement already going on at the STAR Campus, which will soon see a brand new, multi-modal train station that will better connect the STAR Campus to the Northeast Corridor." Added Carper, "None of this would be possible without the work of all levels of government and their partnership with academia and the private sector."
U.S. Senator Christopher Coons noted, "It's clear that Chemours' leadership envisions our state as a place to grow and find outstanding employees, and it's up to us to make sure that we help train and educate our citizens, provide the infrastructure companies like Chemours need, and maintain a business-friendly environment."
"Not only will this partnership help train a new generation of leaders," said Congresswoman Blunt Rochester, "it will also ensure the same spirit of research, innovation, and a vision toward the future Delawareans have come to expect from Chemours and the University of Delaware."
Chemours, University of Delaware leadership, the Governor, federal elected officials, and other local and state officials will attend a formal groundbreaking event at the STAR Campus on December 18, 2017 at 10:00 a.m. to unveil the project in more detail.
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 general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has approximately 7,000 employees and 26 manufacturing sites serving approximately 4,000 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, 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, 2016. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
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SOURCE The Chemours Company