MOSCOW (MRC) -- Chemours has suspended business with Russian entities in response to Russian President Vladimir Putin’s ongoing military attack on Ukraine and the resulting humanitarian crisis, said the company.
"Chemours condemns the senseless violence taking place and views continuing business as inconsistent with our company values," Mark Newman, president and CEO of the US-based supplier of titanium dioxide (TiO2) and specialty chemical products, said the company. While Chemours will work to meet the needs of its global customers during the crisis, “we believe suspending business with Russian entities is the right thing to do”, Newman said.
Chemours also announced a USD100,000 donation to the International Committee of the Red Cross to support humanitarian efforts in the region. “Every day we encourage our people to operate with the courage to make a difference. Over the past two weeks the people of the Ukraine have embodied such courage and perseverance. Now, we want to do our part and help make a difference by supporting those in need," said Newman.
Chemours has a small office in Moscow and is working to ensure the safety of its employees there.
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.
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.
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. The company has approximately 6,500 employees and 30 manufacturing sites serving approximately 3,300 customers in approximately 120 countries in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.