Chemours refutes Citron Research report

Wilmington, Delaware - Chemours Co. has “strongly” refuted a 2 June report by shares analysis firm Citron Research, which carries a series of controversial allegations about the company’s financial stability, exposure to plaintiff liabilities and the rationale for its spin-off by DuPont.

In a 2 June press statement, the global supplier of titanium technologies, fluoroproducts – including elastomers – and 'chemical solutions' said “it was created to build on its fundamental strengths.”

Since becoming independent less than a year ago, Chemours said it “immediately launched a five-point transformation plan” to improve adjusted EBITDA (earnings) by $500 million (€448 million) over 2015 levels and significantly reduce its leverage ratio in 2017.

“Chemours continues to execute on all aspects of its plan by reducing cost, optimising its portfolio, growing market positions, refocusing investments and enhancing its organisation,” the statement continued.

The company, it added, “has taken swift and decisive action under this plan and has already delivered significant cost reductions while strengthening its liquidity position".

"Chemours is making major investments in key growth initiatives, and continues to progress the strategic review of its 'chemical solutions' business.”

Chemours went on to reaffirm its 2016 outlook of adjusted EBITDA above the 2015 performance, generating "modestly positive" free cash flow, including an expected $200 million in cost savings during 2016.