;
Home / Knowledge / News / Textiles / Chemours reports progress on 5-pt Transformation Plan
Chemours reports progress on 5-pt Transformation Plan
16
Aug '16
courtesy: The Chemours Company
courtesy: The Chemours Company
The Chemours Company (Chemours), a global chemistry company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, has reported continued progress on Five-Point Transformation Plan objectives, including delivery of approximately $100 million of cost reductions in the first half of 2016, completion of the strategic review of Chemical Solutions portfolio, commercial startup of Altamira TiO2 capacity expansion and announced investment in additional Opteon capacity.

In its financial results for the second quarter 2016, the company said its net sales were $1.4 billion, a decrease of 8 per cent from $1.5 billion in the prior-year quarter. Second quarter net loss was $18 million, or ($0.10) per diluted share, versus net loss of $18 million, or ($0.10) per diluted share on a pro forma basis in the prior-year quarter.

Adjusted EBITDA for the second quarter was $187 million versus $127 million in the prior-year quarter. Improved profitability in fluoroproducts and cost reductions throughout the company were partially offset by lower average prices in titanium technologies and chemical solutions along with approximately $9 million of unfavourable currency movements versus the prior-year quarter.

Sequentially, sales increased by $86 million, an increase of 7 per cent from $1.3 billion in the first quarter. Second quarter net loss was $18 million, or ($0.10) per diluted share down from net income of $51 million or $0.28 per diluted share. The net loss was primarily driven by asset impairment charges of $63 million in the second quarter. Second quarter adjusted EBITDA increased by $59 million versus $128 million in the first quarter of 2016. The improved performance was primarily driven by higher seasonal volumes in Titanium Technologies and Fluoroproducts and supplemented by higher TiO2 pricing and lower costs. These were partially offset by unfavourable corporate and other expenses, the company said.

“Our second quarter results reflect our focused execution against our Five-Point Transformation Plan and our drive to deliver on our commitments to all our stakeholders. We have just celebrated our first anniversary as a public company, and we are pleased with the progress we have made in that time to strengthen our business model, reduce costs, and optimise our company portfolio. At this point, we have completed the strategic review of our Chemical Solutions portfolio, closed the sale of our Sulfur business for approximately $325 million and announced the sale of our Clean and Disinfect business for $230 million. We began commercial production at our new TiO2 plant in Altamira, Mexico and have been encouraged by improvement in the titanium technologies segment with increasing TiO2 prices,” said Chemours president and CEO Mark Vergnano.

“Overall, I am very pleased that we have delivered approximately $100 million in cost reductions, improved margins, improved our working capital, streamlined our portfolio and modestly improved our balance sheet in the first half of 2016,” he added. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Global Fashion Agenda

Apparel/Garments | On 23rd Jan 2019

Global Fashion Agenda releases CEO Agenda 2019

Highlighting the urgency of combating climate change, non-profit...

USTR aims for more balanced trade in US-EU trade talks

Textiles | On 23rd Jan 2019

USTR aims for more balanced trade in US-EU trade talks

In negotiations for a trade agreement with the European Union (EU),...

Courtesy: Ayotunde Oguntoyinbo/SMART

Textiles | On 23rd Jan 2019

EU lacks sufficiently stringent regulations: SMART

Despite the European Union (EU) having a wide range of...

Interviews View All

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Rashi Menda, Zapyle

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search