Chemours to close plant in Taiwan

During its Q2 results presentation, Chemours announced a decision to close its Kuan Yin TiO2 manufacturing facility in Taiwan (pictured). The firm described this as “part of a comprehensive strategy to improve the earnings quality of TT – producers of the popular Ti-Pure brand – by optimising its manufacturing circuit”.

The site ceased producing dry TiO2 pigment on 1 August and decommissioning has now begun. Sales and technical service teams will work with affected customers to maintain uninterrupted supply. Chemours said that it does not expect any impact on product or service quality.

During Q2, Chemours' net sales were 14% down on Q2 2022 at $1.6 billion, largely due to a 16% fall in volumes. The company had a net loss of $376 million because of the $644 million incurred in charges related to legal settlements for legacy PFAS environmental costs and related fees.

Within this, the Thermal & Specialized Solutions segment enjoyed record net sales of $523 million and record adjusted EBITDA, though its actual growth was minimal. Advanced Performance Materials saw a 3% fall in net sales to  $387 million and Titanium Technologies was 27% down to $707 million on the back of a slump in volumes, although prices were stable.

Chemours shortly afterwards completed the sale of its Glycolic Acid business to PureTech Scientific, a company founded and backed by private equity firm Iron Path Capital. President and CEO Mark Newman said that this was “consistent with our focus on sustainable growth for our three principal businesses and creating value for our shareholders”.