USA: Chemours has blamed the impact of illegal HFC refrigerant imports into Europe for an 11% dip in net sales in its fluoroproducts segment in the second quarter of 2019.
The global chemistry company revealed that net sales in its Fluoroproducts segment in the second quarter were $711mn in comparison to $801m in the prior-year quarter. Illegal imports of HFC refrigerants into the EU, softer base refrigerants demand in North America, and macro-economic weakness are said to have more than offset higher demand for Opteon mobile refrigerants and positive impact of application development projects, resulting in a volume decline versus last year’s second quarter.
Total sales across the company’s Fluoroproducts, Chemical Solutions and Titanium Technologies businesses were $1.4bn in comparison to $1.8bn in the record-setting, prior-year quarter.
“The second quarter was challenging on a number of fronts, including softer than expected Ti-Pure demand and the continued impact of illegal imports of HFC refrigerants into Europe,” said Chemours president and CEO Mark Vergnano. “We are clearly not satisfied with these results and remain firm in our commitment to grow our businesses and improve the financial performance of Chemours.”