WILMINGTON, Del., May 17, 2016 /PRNewswire/ -- The Chemours Company ("Chemours") (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, announced that it has begun the commercial startup of its new titanium dioxide (TiO2) line at its Altamira plant in the Mexican state of Tamaulipas.
Chemours reached mechanical completion of the line in December 2015. The company has now begun to run the new line using the Chemours chloride process, producing Ti-Pure™ TiO2 pigment for customer qualification.
Production on the new line is expected to ramp up steadily with full nameplate capacity of 200,000 metric tonnes per year being achieved over a few years. As this happens, Chemours will balance utilization across its other facilities to align with our customers' needs.
"The commercial startup of Altamira will help us achieve the near-term cost reduction objectives and future growth in our five-point transformation plan," said Mark Vergnano, president and CEO. "We will leverage the facility's low-cost capability to supply the high quality products that our customers expect from our global manufacturing network."
Chemours has the lowest sustainable TiO2 production cost in the world due to facility scale, proprietary process and know-how, and an ability to use a wide variety of ore feedstocks. The company anticipates that it will reduce overall costs of TiO2 manufacturing by about $20 million annually. In addition to the Altamira plant, Chemours also manufactures TiO2 products at sites in Mississippi, Tennessee and Taiwan.
"Our investment at Altamira tells our valued customers around the world that Chemours is committed to being a long-term, reliable supplier of high quality TiO2," said Bryan Snell, president of Titanium Technologies. "By enhancing our low-cost position, the new line at Altamira positions us to continue providing our high value-in-use products to our global customer base far into the future."
Bryan Snell will speak at the Goldman Sachs Basic Materials Conference today, May 17, 2016, at 11:45 a.m. He will be joined by Mark Newman, senior vice president and chief financial officer, to address questions following the presentation. A live webcast will be available via the Chemours' Investor Relations website.
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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SOURCE The Chemours Company