On July 27, 2023, The Chemours Company announcedits financial results for the second quarter 2023 paired with the announcement of the closing of theKuan Yin,Taiwan titanium dioxide manufacturing facility.

Second Quarter 2023 Results & Highlights

Net Sales of$1.6 billion

Net Loss of$(3.76) million with EPS1 f$(2.52)

Adiusted Net Income2 of$167 million with Adjusted EPS2 of$1.10

Adjusted EBITDA2 was $324 million and Free Cash Flow was $3 million

Announced shutdown of TT's Kuan Yin, Taiwan manufacturing facility as part of overall cost optimization efforts.

Reached comprehensive settlement of PFAS-related drinking water claims of a defined class of U.S.

Chemours' shares total $592 million

Agreed to sell Chemours' glycolic acid business to PureTech Scientific Inc. for $137 million.

Operations began at THE Mobility F.C. Membranes as part of the Chemours joint venture.

Launch of Chemours' sixth sustainability report, highlighting significant progress towards the 2030 CRC goals.

On July 26, 2023, the Company's Board of Directors approved a third-quarter dividend of $0.25 per share.

Given the weaker second-half demand visibility, we now expect full-year adjusted EBITDA to be in the range of $1.1 billion to $1.175 billion and free cash flow guidance greater than $325 million.

"Our second-quarter results highlight the strength of our industry-leading business, despite increased economic uncertainty. In Thermal and Specialty Solutions, we delivered record net sales and adjusted EBITDA, and in Advanced Performance Materials, our portfolio of high-performance solutions grew by double digits. Chemours President and CEO Mark Newman said. As part of our plan to improve profitability in our titanium technology division, we have decided to close our Guanyin plant. This action will allow us to optimize our production without compromising our ability to meet customer needs and deliver significant cost savings from the second half of 2023." 

"The closure of the plant is incredibly difficult because it affects such talented and hardworking people as our Guanyin colleagues, who are valuable members of our company, as well as their families and communities. We are working closely with local leaders to help with this transition," said Denise Dignam, President of Chemours Titanium Technologies. "Going forward, Chemours remains committed to providing exceptional service to its customers and continuing to lead the industry in innovation and sustainability."

The Guanyin plant will stop production on August 1, 2023 and begin withdrawing immediately. Chemours' sales and technical service teams will work closely with affected customers to maintain uninterrupted supply. The Company does not anticipate any impact on product or service quality or supply disruption during this transition period.