WILMINGTON, Del., Jan. 5, 2021 /PRNewswire/ -- The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Fluoroproducts and Chemical Solutions, applauds the 116th Congress in its recent passing of the bipartisan American Innovation and Manufacturing Act (AIM Act), which was signed into law by President Donald Trump as part of the year-end Omnibus package on December 27th. Once enacted, the AIM Act is expected to deliver $38 billion in economic benefit to the US by 2027, create new jobs, and provide an orderly nation-wide phase down of hydrofluorocarbons (HFCs) in use today across multiple industries.
In support of the phase down, Chemours has developed and commercialized a portfolio of low global warming potential (GWP) solutions leveraging hydrofluoroolefin (HFO) technology. These Opteon™ branded products, in addition to existing low GWP HFCs, will enable our customers and value chain partners in refrigeration, air conditioning, foam blowing agents, and other segments to transition to more sustainable solutions in their respective applications.
"Chemours has been consistent in our support of orderly HFC phase down actions globally. We are pleased that Congress, with bi-partisan support in both the Senate and the House, believed the provisions of the AIM Act can deliver environmental and economic benefits as the United States continues to take important steps to address climate change. We look forward to working with the Biden Administration in 2021 to bring the AIM Act to life and to working with policy makers on both sides of the aisle to continue to advance and apply American innovation, manufacturing and leadership to help create a cleaner world," said Mark Vergnano, President & CEO.
The Opteon™ portfolio has been developed to meet global regulations while maintaining or improving performance compared to the products they replace and reducing the carbon footprint of the specific application. By the year 2025, Chemours estimates that its low GWP products will eliminate an estimated 325 million tons of carbon dioxide equivalents on a global basis. This reduction would be equivalent to 69 million passenger cars being driven in one year, or the annual energy use for 37 million homes.
"The initial stages of transition away from high GWP HFCs to our low GWP solutions are already underway in some parts of the world and in pockets of the US due to state-led activity. Now with a consistent federal framework, our customers will be able to plan transitions with confidence, and our commercial and operations teams are ready to support this ramp-up of activity," said Alisha Bellezza, Vice President of Chemours Fluorochemicals.
Chemours has invested hundreds of millions of dollars in research and development, manufacturing assets, and downstream product and application development with low GWP, HFO technology, and remains committed to the ongoing development needs of customers through the HFC phase down in the US and globally.
For more information on Opteon™ solutions, please visit opteon.com.
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 30 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.
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, 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, business plans, prospects, targets, goals and commitments, capital investments and projects, 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. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets. The full extent and impact of the pandemic is unknown and to date has included extreme volatility in financial and commodity markets, a significant slowdown in economic activity, and increased predictions of a global recession. The public and private sector response has led to significant restrictions on travel, temporary business closures, quarantines, stock market volatility, and a general reduction in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to limit travel of employees to our business units domestically and internationally, adversely affect the health and welfare of our personnel, significantly reduce the demand for our products, hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners 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 September 30, 2020 and in our Annual Report on Form 10-K for the year ended December 31, 2019. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
Director, Corporate Communications
VP, Corporate Development and Investor Relations
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