Wilmington, DE /PRNewswire/ - The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts, and chemical solutions, announced today that Chemours and Honeywell filed a petition for rehearing of the D.C. Circuit Court of Appeals decision concerning the U.S. Environmental Protection Agency's (EPA) Significant New Alternatives Policy (SNAP) program.
Chemours believes that the legal basis of the SNAP 20 rule was well-founded, and the Court's ruling exceeded its jurisdiction, effectively invalidating a decades-old EPA regulation and failing to take into account the EPA's original directive to ensure that safer alternatives are used to replace ozone-depleting substances. The Court unanimously agreed with the EPA's determination that these and other alternatives developed by U.S. companies have a lower overall risk to human health and the environment.
The SNAP program has a long history of encouraging the development of innovative solutions that provide critical societal value in refrigeration, air conditioning, insulation, and other segments. American companies have invested well over a billion dollars to develop, commercialize, and build U.S. manufacturing facilities to produce and use novel alternatives such as hydrofluoro-olefin (HFO) technology—a technology that is being adopted worldwide.
The view that the preservation of this rule is in the best interest of the public, the environment, and U.S industry is shared by a growing number of states, academia, and businesses. The world will continue to focus on safer and more energy efficient solutions, and Chemours remains committed to continuing to support these market and societal needs.
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.
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," "anticipate," "plan," "estimate," "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 address, among other things, our agreement with DuPont relating to the MDL Settlement, 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, plans to increase profitability and our outlook for Adjusted EBITDA and free cash flow 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, many of 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: whether the MDL Settlement becomes effective; the outcome of any pending or future litigation related to PFOA; the performance by DuPont of its obligations under the MDL Settlement; the terms of any final agreement between Chemours and DuPont relating to the MDL Settlement; and other 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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