Chemours announced the closure of Taiwan's titanium dioxide factory

On July 27, 2023, Comus announced its financial results for the second quarter of 2023 and announced the closure of Taiwan's Guanyin Titanium Dioxide Production Plant.

Second quarter 2023 results and summary

Net sales of $1.6 billion

Net loss of $376 million, EPS1 of $2.52

Adjusted net income was $167 million and adjusted EPS2 was $1.10

Adjusted EBITDA 2 was $324 million and free cash flow was $3 million

Announced the closure of Taiwan's Guanyin manufacturing plant as part of overall cost optimization efforts

Fully resolved PFAS-related drinking water claims for a specific type of public water supply system in the United States;Chemours 'total stake is US$592 million

Agreed to sell Chemours 'glycolic acid business to PureTech Scientific Inc. for $137 million

As part of the Chemours joint venture, the company is operating at THE Mobility F.C. Membranes begins operations

Released Chemours 'sixth sustainability report, highlighting significant progress towards achieving the 2030 CRC Goals

On July 26, 2023, the company's board of directors approved a third quarter dividend of US$0.25 per share

Given weak second-half demand visibility, we now expect full-year adjusted EBITDA to be between $1.1 billion and $1.175 billion, with free cash flow guidance greater than $325 million3

"Our second-quarter results highlighted the strength of our industry-leading business despite the increased economic uncertainty. We achieved record net sales and adjusted EBITDA in the thermal and dedicated solutions areas, and achieved double-digit growth in our high-performance solutions portfolio in the advanced high-performance materials area." Mark, President and CEO of Chemours Newman said. "As part of our plan to increase the profitability of our titanium technology division, we have decided to close our Guanyin factory. This action will allow us to optimize our production without affecting our ability to meet customer needs and provide significant cost savings starting in the second half of 2023."

"Factory closures are incredibly difficult because it affects talented and hard-working people like our Guanyin colleagues, who are valuable members of our company, as well as their families and communities. We are working closely with local leaders to help with this transition,"said Denise Dignam, president of Chemours Titanium Technologies. "Looking to the future, Comus will continue to be committed to providing excellent services to customers and continue to lead the industry in innovation and sustainable development."

The Guanyin factory will stop production on August 1, 2023 and begin to withdraw immediately. Chemours 'sales and technical services teams will work closely with affected customers to maintain uninterrupted supply. The company expects no impact on product or service quality and no supply interruptions during this transition period.