Wilmington, Del., June 25, 2018 – The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts, and chemical solutions, announced today that Chemours has petitioned the United States Supreme Court requesting a review of the recent D.C. Circuit Court of Appeals decision concerning the U.S. Environmental Protection Agency’s (EPA) Significant New Alternatives Policy (SNAP) program.
“We are disappointed in the D.C. Circuit Court of Appeals decision and continue to believe that the legal basis of the SNAP 20 rule was well-founded, and the Court’s ruling exceeded its jurisdiction, effectively invalidating a decades-old EPA regulation and failing to take into account the EPA’s original directive to ensure that safer alternatives are used to replace ozone-depleting substances,” said Paul Kirsch, Chemours president of the fluoroproducts business unit. “A number of states, academia, and businesses share our concern and feel the preservation of this rule is in the best interest of the public, the environment, and US industry,” he continued.
The EPA SNAP program was developed in the 1990s to protect the ozone layer by phasing out the chemicals that deplete it. Congress directed EPA to compare alternatives to those chemicals to ensure that refrigerants and other products would not be more dangerous to people and the environment than the harmful products they replaced. The original 1994 regulation viewed the alternatives banned by the SNAP program in 2015 as a “near-term” solution until safer products became available. The D.C. Circuit Court of Appeals agreed that these products could be banned, but then held that no one who was using them could actually be ordered to stop, even though safer options were available. The decision has created confusion for industry and does not align with the direction from Congress or its beneficial goals. It also undermines investment in safer products and American innovation in these critical industries.
In parallel, Chemours will continue to work with a growing number of industry stakeholders, including the Alliance for Responsible Atmospheric Policy and the Air-Conditioning, Heating and Refrigeration Institute, to dialogue with the Trump Administration about building on the achievements of the Montreal Protocol by advancing the Kigali Amendment toward ratification in the United States Senate in 2018. The Kigali Amendment provides the United States with a unique opportunity to allow American businesses to innovate and sell in global markets the products made possible by their research and development and manufacturing investments made here at home. Adoption of the agreement will create good-paying American jobs, positively impact our domestic economy, curtail illegal dumping of HFCs, and benefit the environment.
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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 general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has approximately 7,000 employees and 26 manufacturing sites serving approximately 4,000 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, or follow us on Twitter @Chemours, or LinkedIn.
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Forward Looking Statements
This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forwardlooking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. The words "believe," "expect," “will,” "anticipate," "plan," "estimate," “anticipate,” "target," "project," and similar expressions, among others, generally identify "forward-looking statements" which speak only as of the date the statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, litigation and other legal proceedings or contingencies, anticipated future operating and financial performance, business plans and prospects, transformation plans, cost savings targets and plans to increase profitability, 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 based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements also involve risks and uncertainties which are beyond Chemours' control. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
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CONTACT:
NEWS MEDIA
Maria Chacon
Sr. Global Marketing Communications Manager, Fluorochemicals
+1.302.773.4510
[email protected]