MOSCOW (MRC) -- US-based pigment and fluoroproducts producer Chemours reported a year-on-year increase in Q4 net income because of the benefit of the sale of a business, said the company.
The company reported a one-time benefit of USD112m because of the sale of its Mining Solutions business. The following table shows the company's quarterly financial performance. Chemours did not report quarterly cost of sales. For Titanium Technologies, sales volumes rose by 6% year on year despite of ore and logistics constraints. Prices rose 19%.
The segment makes titanium dioxide (TiO2). For Thermal & Specialized Solutions, volumes fell 11% because lower demand from automobile original equipment manufacturers (OEM). Automobile producers have lowered production because of a shortage of semiconductor chips.
Meanwhile, prices contributed 19%. The segment makes fluorochemicals including Opteon hydrofluoroolefins (HFOs)
For Advanced Performance Materials, demand continued to exceed the company's ability to supply. Volumes rose by 15% and prices by 10%. The segment makes fluoropolymers such as Teflon. Segment sales fell because of the sale of the Mining Solutions business.
Chemical Solutions makes glycolic acid. For 2022, Chemours expects to report adjusted EBITDA of USD1.3bn-1.425bn. Adjusted earnings/share should be USD4.07-4.70. For comparison, 2021 adjusted EBITDA was USD1.313bn and adjusted earnings/share was USD4.00.
As per MRC, Chemours says it is looking to achieve a 60% absolute reduction of operations-related greenhouse gas emissions by 2030, and net zero greenhouse gas emissions by 2050. In addition to refrigerants, Chemours is a major producer of titanium dioxide, industrial fluoropolymer resins and derivatives and other chemical solutions.
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.
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.
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