USA: Chemours, the recently spun off DuPont fluoroproducts, titanium and chemical solutions business, returned sales 10% down on the second quarter of 2014.
In its first financial results as a stand-alone business, second quarter net sales were $1.5bn, down from $1.7bn in the prior-year quarter.
Sales of its fluoroproducts business were $588m, a 2% decline against the second quarter last year. Segment adjusted EBITDA was $66m, a decline of 14% compared to the prior-year quarter. Higher demand for its Opteon refrigerants, Viton fluoroelastomer and PTFE, was partially offset by lower R22 volume due to the phase out of HCFCs in the United States. Increased volume and stronger realised prices were said to have been more than offset by $14m of currency headwinds and $15m of higher costs due to unplanned plant outages.
Chemours president and CEO Mark Vergnano said, “Now that our separation from DuPont is complete and we are an independent entity, we have begun aggressively driving a five-point plan to transform Chemours into a higher value chemistry company. We will reduce costs, grow our market positions, optimise our portfolio, refocus our investments, and enhance our company by building a nimble, entrepreneurial culture that is customer centred.