WILMINGTON, Del., Jan. 9, 2017 /PRNewswire/ -- The Chemours Company (Chemours) (NYSE: CC) is pleased to announce it has entered into an agreement to sell The DuPont Building to The Buccini/Pollin Group, Inc. (BPG), a privately held, full-service real estate acquisition, development, and management company. Chemours will lease back office space as a long-term tenant, thereby keeping its global headquarters and nearly 700 employees in downtown Wilmington. The sale is expected to be completed during the first quarter of 2017, and renovations will begin approximately three months after the close to transform a major portion of this multi-use building into The Chemours Company world headquarters.
"We followed a disciplined process deciding where to locate our headquarters," said Chemours President and CEO Mark Vergnano. "We evaluated a number of locations against a range of criteria, including convenience of our current employees, our future workforce needs, and the fiscal impact on the company. Ultimately, our decision to stay in our current building satisfied all of those considerations. And we are very excited to be working with BPG to create a modern office environment that will be a reflection of our corporate brand."
Chris Buccini, Co-President and Founder of The Buccini/Pollin Group, said, "BPG is honored to have the opportunity to work with Chemours to renovate the historic DuPont Building. Our team is very excited to be partnering with Chemours in its endeavor to remain in the great city of Wilmington and in the building that is so much a part of its heritage. We look forward to playing a significant role in designing a headquarters that is suited for the company now and into the future. With our world-class experience in building and development projects, including historic properties like this building, we really are the ideal firm for this work."
In August 2016, Chemours announced its intent to locate its global headquarters in downtown Wilmington. Throughout the evaluation process that led to this decision, the company received strong support from elected officials at the local, state, and federal levels, all of whom made it clear that Delaware, and specifically Wilmington, is an attractive venue where 21st century businesses can succeed and grow.
Governor Jack Markell played an important role in helping Chemours make its decision, including supporting legislation in 2016 (the Delaware Competes Act) that updated and reformed the state's corporate income tax law. The legislation, which made Delaware's corporate tax policies for businesses large and small more competitive with other states in the Mid-Atlantic region, enjoyed strong bi-partisan support in both chambers of the Delaware Legislature thanks in no small measure to the leadership of House Majority Leader Valerie Longhurst, the bill's chief sponsor.
Outgoing Governor Markell, said: "This is the best outcome we could have hoped for after learning that Chemours would be staying in Delaware for the long-term. It is fitting that the company, an independent entity that was formerly a portion of DuPont, should be a part of the plans to redesign the iconic DuPont Building into a new and modern facility in the heart of downtown Wilmington. I am confident that The Buccini/Pollin Group will lead this work effectively and create a world-class, multi-use facility we can all be proud of."
Vergnano added, "Although DuPont is our legacy, at Chemours, we have our sights firmly fixed on the future and all that we can accomplish as an active member of this great city and state. We thank all the elected officials for their support and look forward to working on the exciting opportunities ahead with a new governor, John Carney, a new Wilmington mayor, Mike Purzycki, a dedicated state legislature, and a talented trio of federal officials: United States Senators Tom Carper and Chris Coons and Congresswoman Lisa Blunt Rochester."
About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry. Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers with solutions 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. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™ and Nafion™. Chemours has approximately 8,000 employees across 35 manufacturing sites serving more than 5,000 customers 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. For more information, please visit chemours.com.
About The Buccini/Pollin Group
The Buccini/Pollin Group, Inc. (Buccini/Pollin) is a privately held, integrated real estate acquisition, development and management company with offices in Washington DC, Wilmington Delaware, Philadelphia, and Baltimore. Buccini/Pollin has developed and acquired hotel, office, residential, retail, and parking properties throughout the United States.
Buccini/Pollin has acquired, developed and owns real estate assets having a value in excess of $4.0 billion, including over 40 hotels, 6 million square feet of office and retail space, 10 major residential communities, and multiple entertainment venues, including Talen Energy Stadium, home of the Philadelphia Union Major League Soccer team.
The principals of Buccini/Pollin, along with PM Hotel Group (hotel operating company), BPG Real Estate Services, LLC (office property management and leasing), ResideBPG (residential property management and leasing), and BPGS Construction, LLC (construction management), oversee all aspects of project acquisition, finance, development, construction, leasing, operations, and disposition for its portfolio properties. The Buccini/Pollin Group has over 3,500 employees in 12 states. For more information, please visit www.bpgroup.net.
Forward-Looking Statements
This press release contains forward-looking statements, which often may be identified by their use of words like "plans," "expects," "will," "believes," "intends," "estimates," "anticipates" or other words of similar meaning. These forward-looking statements address, among other things, our anticipated future operating and financial performance, business plans and prospects, transformation plans, resolution of environmental liabilities, litigation and other contingencies, plans to increase profitability, our ability to pay or the amount of any dividend, and target leverage that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. The matters discussed in these forward-looking statements also are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements, as further described in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended December 31, 2015. Chemours undertakes no duty to update any forward-looking statements.
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SOURCE The Chemours Company