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Losses mount for Chemours in 4th quarter

Delaware Public Media

The DuPont spinoff Chemours continues to lose money, as its fourth quarter earnings report revealed Tuesday.

 

The chemical company’s fourth quarter net loss was reported at $86 billion, or 48 cents per share -- after $88 million in restructuring costs. The full-year 2015 net loss was $90 billion, or 50 cents per share.

Losses have been reported every quarter since Chemours separated from DuPont in July 2015.

 

Sales for its products, which include Teflon and Ti-Pure, have also fallen. Fourth quarter net sales were $1.4 billion, a 12 percent decline from a year ago. Of the company’s three leading business units, Titanium Technologies sales dropped the most by 14 percent from fourth quarter in 2014.

"In the fourth quarter, we continued to make significant progress on our transformation plan against an ongoing backdrop of challenging market conditions, which continued to negatively impact our financial results. We executed well in the areas that were within our control, resulting in approximately $100 million of lower costs during the second half of 2015," said Chemours President and CEO Mark Vergnano in a statement.

During this quarter, Chemours also announced plans to lay off 400 workers, 5 percent of its global workforce. This decision was part of the company’s five-point transformation plan to trim $350 million in costs by 2017.  

In November, the company also sold the Beaumont Aniline facility in Texas to Dow Chemical for $140 million. The company also planned to discontinue its Reactive Metals Solutions business and halt production at its Niagara Falls, New York facility by December 2016.

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