NEWS Chemours’ troubles pile up
In its full year 2023 results, troubled US chemical company Chemours reported net sales of $6bn, down 11% year-on-year, as volumes fell 13%, which was partially offset by a 2% increase in prices. The company recorded a net loss of $238m, while adjusted net income, which primarily excludes $639m ($764m pre-tax) in litigation settle- ment charges, was $425m, compared to $738m in 2022. Three senior managers have also been stood down following an internal investigation by the com- pany’s Audit Committee. Mark Newman (CEO), Jonathan Lock (CFO) and Camela Wisel (Accounting Officer) were said to have
“engaged in efforts” in the fourth quarter of 2023 to delay payments to certain vendors and to accelerate the collection of receivables to meet cash flow targets. Chemours said: “The Audit Committee found that these individuals engaged in these efforts in part to meet free cash flow targets that the Company had commu- nicated publicly, and which also would be part of a key metric for determining incentive compensation applicable to executive officers.” The company said the
full-year sales decline was driven by a 21% drop in its Titanium Technologies business and a 11% drop in Advanced Performance
Denise Dignam has become the new CEO at Chemours
Materials, which was partially offset by an 8% increase in Thermal & Specialized Solutions. “Chemours navigated a challenging year in 2023 that included prolonged destocking in certain key end markets, and these headwinds impacted our
Borealis takes to the water
overall financial perfor- mance,” said new CEO Denise Dignam. “Over the course of the year, we realised meaningful cost savings from our Titanium Technologies Transforma- tion Plan, continued our investments in growth markets in Thermal & Specialized Solutions and Advanced Performance Materials, and made significant progress resolv- ing certain legacy issues.” Dignam was appointed
CEO of Chemours in February when Mark Newman was placed on administrative leave. The Audit Committee
reported its findings on 27 March. �
www.chemours.com
Schenk rebrands as Qlar
German-headquartered bulk materials handling specialist Schenk Process is changing its name to Qlar on 13 May. The rebrand derives
Above: The boat’s hull uses mass balanced renewable material from Borealis
Borealis and AKVA group, a technology provider to the aquaculture industry, have constructed a Polarcirkel workboat hull using Borea- lis’ portfolio of renewable polyolefins in what they say is a significant breakthrough for marine circularity. The boat, featuring a hull made
www.compoundingworld.com
from BorSafe HE3490-LS- HW composed of 90% renewable content based on a Mass Balance ap- proach, will be unveiled in Norway this spring. “We’re committed to
supporting our customers to move away from traditional feedstock and to embrace
renewable materials,” explains John Webster, Borealis Global Commercial Director Infrastructure. “The use of the Bornewables in Polarcirkel affirms that high-performance standards can be met sustainably.” �
www.borealisgroup.com �
www.akvagroup.com
from “the future is cirQlar” and indicates the company is extending its focus on digitally enabled and sustainable solutions, it said. The Schenck Process
brand, with its existing portfolio, will remain as a product brand under Qlar and will drive future innovations in the circular economy, it said. �
www.schenckprocess.com
May 2024 | COMPOUNDING WORLD 5
IMAGE: AKVA
IMAGE: CHEMOURS
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