USA: Refrigerant manufacturer Chemours has reported that its fluoroproducts business suffered a 26% drop in sales in Q2 compared to last year.
Fluoroproducts segment net sales in the second quarter were $523m in comparison to $711m in 2019. Volume and price declined 22% and 3%, respectively, on a year-on-year basis.
With the chemical manufacturer reporting lower volume across all its segments, total sales for Q2 were $1.1bn, a 21% drop on last year’s $1.4bn.
Lower volumes in its fluoroproducts business, which includes refrigerants, were said to have been primarily driven by the impact of Covid-19 on global automotive OEMs and industrial end-markets.
Segment adjusted EBITDA of $97m was down 46% on the same quarter in 2019. This was blamed on higher costs from idle production and minimal F-gas quota sales due to illegal imports of HFC refrigerants into the EU.
Describing the first half of 2020 as “one of the most difficult periods” in the company’s short history, Chemours president and CEO Mark Vergnano said: “The outlook for the second half, while improving, remains unclear.”