Chemours lone Delaware entry on the Fortune 500

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Chemours Co. was the only Delaware corporation to make the Fortune 500.

The DuPont spin-off with businesses that include titanium technologies, fluoroproducts and chemical solutions piled up $6.2 billion in revenues in 2017.

Chemours ranks 451—up from 482 in 2017—on the overall list released by the magazine.

Dow DuPont, which barely finished in top 50 on the list that is based on annual revenues was listed as being headquartered in Michigan.

In the next year or so, the company will be spun off into two parts. During the pre-spin off period, the combined companies have maintained separate headquarters.

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Two of the spin-off companies, Corteva Agrisciences and DuPont, will be on the Fortune 500 list and based in Delaware with Dow remaining in Michigan.

“We’re honored to appear on this coveted list and prouder yet to have risen through the ranks in such a short time,” stated  Chemours President and CEO Mark Vergnano. “This announcement is just another example of how we are earning our way to growth by advancing higher value chemistry. The same excellence and relentless focus that powered the successful execution of our transformation plan, will enable us to deliver against our growth plan.”

Chemours completed its five-point transformation plan in December 2017 and launched its three-year growth strategy, supported by business-specific strategies and four growth pillars: portfolio, partnerships, performance, and people. This strategy is designed to drive growth across Chemours’ three business units, creating higher value for investors, customers, and partners.

The company’s stock price has moved up from a low of about $3 to nearly $50 a share  amid fears of a bankruptcy filing to more than $50 as its markets improved, debt was reduced  and investors bought into its strategy.

The company has struggled with problems with discharges from a North Carolina plant into the air and waterways and recently announced a $100 million plan in working to resolve the issue. 

“This success is only possible through the incredible work and dedication of our employees, not only meeting, but exceeding expectations, owning our plan and flawlessly executing,” added Vergnano. “I cannot wait to see all we accomplish together in 2018 and beyond.”

Meanwhile, Chemours plans to maintain its presence in Delaware, with a renovated headquarters at the former DuPont head office in downtown Wilmington and at a research and development center now under construction at the University of Delaware’s STAR campus.

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