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Chemours earnings down on titanium dioxide, fluoroproducts

February 26/2020

MOSCOW (MRC) -- The Chemours Company, a global performance chemicals manufacturer reported a fall in revenue for the fourth quarter 2019. Chemours fourth quarter 2019 net sales were USD1.35 billion, a 7.6% fall from prior-year quarter, according to Kemicalinfo.

The company reported a loss of USD317 million in the fourth quarter of 2019 against a profit of USD142 million a year ago.

Results were driven primarily by lower volume in Titanium Technologies and lower volume and price in Fluoroproducts.
Revenues in the Titanium Technologies division were USD610 million, down 8.4% from the prior-year quarter. The decline is attributable to a lower volume of Ti-Pure titanium dioxide.

Revenues in the Fluoroproducts segment fell 5.4% year over year to USD614 million in the reported quarter. The decline is attributable to weakness in the electronics and automotive markets as well as the ongoing impact of illegal imports of HFC refrigerants into the European Union.

Revenues in the Chemical Solutions unit were USD129 million, down roughly 13% year over year. The company saw lower prices in the quarter mainly due to lower raw material prices.
For 2019, Chemours witnessed a loss of USD52 million against a profit of USD995 million recorded in 2018.Revenues for the year declined 16.8% year over year to USD5.53 billion.

As MRC informed before, in December 2019, Chemours announced plans to sell its methylamines and methylamides unit to Belle Chemical, an affiliate of Cornerstone Chemical. The sales price was not disclosed. Thus, Chemours had signed a letter of commitment with Belle Chemical Co. to sell Chemours' methylamines and methylamides business and production facilities at the Belle location. Earlier in 2019, Chemours announced it would stop making methylamines and methylamides at the plant. In 2020, it planned to start dismantling the methylamines operations. Once Belle takes possession of the plant, most of the employees at Belle and others assigned in supporting roles at other locations will become part of Belle, Chemours said. Cornerstone makes acrylonitrile (ACN) and melamine at Fortier, Louisiana.

ACN is a feedstock for the production of acrylonitrile-butadiene-styrene (ABS).

According to MRC's DataScorpe report, overall ABS imports to the Russian market decreased in 2019 by 4% year on year to 33,700 tonnes. This figure was 35,200 tonnes in January-December 2018. ABS imports to Russia continued to decline for the third month in a row. December ABS imports to Russia fell by 26% month on month to 2,400 tonnes from 3,300 tonnes, imports of material into the country were 2,500 tonnes in December 2018.

Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers 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 oil refining operations and general industrial manufacturing. Chemours has approximately 9,000 employees across 37 manufacturing sites serving more than 5,000 customers in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Del.
Author:Margaret Volkova
Tags:Europe, dioksid titana, pigments, PS, ABS, akrilonitril, coatings, car components, electrical goods, paints and coatings, Chemours, Russia.
Category:General News
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