United States. The Chemours Company announced two decisions that are elements of the company's five-point transformation plan.
The company confirmed the closure of the Edge Moor manufacturing plant located outside Wilmington, Delaware, which produces Titanium Dioxide (TiO2) and the TiO2 line (Line 3) at its Johnsonville plant in New Johnsonville, Tennessee.
Together, these actions will eliminate approximately 150,000 metric tons of TiO2 capacity, while reorienting TiO2 production at four manufacturing sites. These changes seek to position the company by increasing its production capacities.
"The decisions we are announcing are directly connected to our five-point transformation plan, which sets out a clear and achievable path to becoming a higher-value chemical company," said Mark Vergnano, President and CEO of Chemours.
As part of the company's transformation plan, these closings are expected to result in an annual net cost reduction of US$45 million. The company will incur virtual charges of approximately $110 million in connection with the closure of facilities in the third quarter.
Additional restructuring and other charges related to the dismissal, decommissioning and reconstruction of the site are expected to be between US$75 million and US$85 million, made over the next two to three years.
