Wilmington, Delaware — Third-generation PU blowing agent manufacturer Chemours had sales of $2.4bn in the first half of 2020. This is a fall of 14% compared with the same period in 2019.
Shutdowns feed through to lower earnings at Chemours in Q2
Adjusted EBITDA across the business fell 22%, to $423m. In the same period in the previous year, the figure was $545.0m.
Divisional results were given for the second quarter only. In the fluoroproducts business, sales dropped by 26% between the second quarter of 2019 and 2020, to $523m. Sales volumes were down by 22% in the quarter and, to make matters worse, prices also fell. These effects and the cost of closed production could not be offset by cost cutting, and fed through to adjusted EBITDA. This declined by 19% to $97m in the second quarter.
Taking the business as a whole, CEO Mark Vergnano said: 'The team has reduced costs and improved operating efficiency through this difficult period. These efforts, combined with our strong liquidity position… [mean] we will be in a strong position to respond when market conditions improve.'