Driving Shareholder Returns
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Titanium Technologies Transformation Plan
Launched TT Transformation Plan to accelerate the TT earnings improvement strategic priority
➤ TT Transformation Plan expected to drive improvements in business costs and margins over time, encompassing
the recent closure of the Kuan Yin manufacturing facility and measures to reduce overhead and optimize our end-to-
end operations
These actions are projected to drive approximately $100 million of run-rate savings in 2024, with the Kuan Yin
closure contributing $50 million in 2024 and $15 million in 2023.
➤In Q3 2023, we incurred $147 million in pre-tax charges associated with the TT Transformation Plan:
.
$78 million in non-cash charges related to asset-related impairments
.
$28 million for the write-off of certain raw materials inventory and $10 million in other charges
$31 million in cash charges for severance, contract termination, and decommissioning
Anticipate additional cash charges of $20 million to $30 million for decommissioning, dismantling, and removal costs
in the next couple years
➤ Progress and additional updates under this plan will be disclosed in future periods
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