WILMINGTON, Del., Jan. 9, 2017 /PRNewswire/ -- The
Chemours Company (Chemours) (NYSE: CC) is pleased to announce it has entered into an agreement to sell The DuPont Building to The
Buccini/Pollin Group, Inc. (BPG), a privately held, full-service real estate acquisition, development, and management
company. Chemours will lease back office space as a long-term tenant, thereby keeping its global headquarters and nearly
700 employees in downtown Wilmington. The sale is expected to be completed during the first quarter of 2017, and
renovations will begin approximately three months after the close to transform a major portion of this multi-use building into
The Chemours Company world headquarters.
"We followed a disciplined process deciding where to locate our headquarters," said Chemours President and CEO Mark Vergnano. "We evaluated a number of locations against a range of criteria, including convenience of
our current employees, our future workforce needs, and the fiscal impact on the company. Ultimately, our decision to stay in our
current building satisfied all of those considerations. And we are very excited to be working with BPG to create a modern
office environment that will be a reflection of our corporate brand."
Chris Buccini, Co-President and Founder of The Buccini/Pollin Group, said, "BPG is honored to
have the opportunity to work with Chemours to renovate the historic DuPont Building. Our team is very excited to be partnering
with Chemours in its endeavor to remain in the great city of Wilmington and in the building that
is so much a part of its heritage. We look forward to playing a significant role in designing a headquarters that is suited for
the company now and into the future. With our world-class experience in building and development projects, including historic
properties like this building, we really are the ideal firm for this work."
In August 2016, Chemours announced its intent to locate its global headquarters in downtown
Wilmington. Throughout the evaluation process that led to this decision, the company received
strong support from elected officials at the local, state, and federal levels, all of whom made it clear that Delaware, and specifically Wilmington, is an attractive venue where
21st century businesses can succeed and grow.
Governor Jack Markell played an important role in helping Chemours make its decision, including
supporting legislation in 2016 (the Delaware Competes Act) that updated and reformed the state's corporate income tax law. The
legislation, which made Delaware's corporate tax policies for businesses large and small more
competitive with other states in the Mid-Atlantic region, enjoyed strong bi-partisan support in both chambers of the Delaware
Legislature thanks in no small measure to the leadership of House Majority Leader Valerie
Longhurst, the bill's chief sponsor.
Outgoing Governor Markell, said: "This is the best outcome we could have hoped for after learning that Chemours would be
staying in Delaware for the long-term. It is fitting that the company, an independent entity
that was formerly a portion of DuPont, should be a part of the plans to redesign the iconic DuPont Building into a new and modern
facility in the heart of downtown Wilmington. I am confident that The Buccini/Pollin Group will
lead this work effectively and create a world-class, multi-use facility we can all be proud of."
Vergnano added, "Although DuPont is our legacy, at Chemours, we have our sights firmly fixed on the future and all that we can
accomplish as an active member of this great city and state. We thank all the elected officials for their support and look
forward to working on the exciting opportunities ahead with a new governor, John Carney, a new
Wilmington mayor, Mike Purzycki, a dedicated state legislature,
and a talented trio of federal officials: United States Senators Tom
Carper and Chris Coons and Congresswoman Lisa Blunt
Rochester."
About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry.
Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers with
solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations.
Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil refining operations
and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™,
Opteon™ and Nafion™. Chemours has approximately 8,000 employees across 35 manufacturing sites serving more than 5,000 customers
in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information, please visit
chemours.com.
About The Buccini/Pollin Group
The Buccini/Pollin Group, Inc. (Buccini/Pollin) is a privately held, integrated real estate acquisition, development and
management company with offices in Washington DC, Wilmington
Delaware, Philadelphia, and Baltimore. Buccini/Pollin
has developed and acquired hotel, office, residential, retail, and parking properties throughout the
United States.
Buccini/Pollin has acquired, developed and owns real estate assets having a value in excess of $4.0
billion, including over 40 hotels, 6 million square feet of office and retail space, 10 major residential communities, and
multiple entertainment venues, including Talen Energy Stadium, home of the Philadelphia Union Major League Soccer team.
The principals of Buccini/Pollin, along with PM Hotel Group (hotel operating company), BPG Real Estate Services, LLC (office
property management and leasing), ResideBPG (residential property management and leasing), and BPGS Construction, LLC
(construction management), oversee all aspects of project acquisition, finance, development, construction, leasing, operations,
and disposition for its portfolio properties. The Buccini/Pollin Group has over 3,500 employees in 12 states. For more
information, please visit www.bpgroup.net.
Forward-Looking Statements
This press release contains forward-looking statements, which often may be identified by their use of words like
"plans," "expects," "will," "believes," "intends," "estimates," "anticipates" or other words of similar meaning. These
forward-looking statements address, among other things, our anticipated future operating and financial performance, business
plans and prospects, transformation plans, resolution of environmental liabilities, litigation and other contingencies, plans to
increase profitability, our ability to pay or the amount of any dividend, and target leverage that are subject to substantial
risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of
future events which may not be realized. The matters discussed in these forward-looking statements also are subject to risks,
uncertainties and other factors that could cause actual results to differ materially from those projected, anticipated or implied
in the forward-looking statements, as further described in our filings with the Securities and Exchange Commission, including our
annual report on Form 10-K for the fiscal year ended December 31, 2015. Chemours undertakes no duty
to update any forward-looking statements.
CONTACT:
NEWS MEDIA
Alvenia Scarborough
Director of Corporate Communications and Brand Marketing
+1.302.773.4507
media@chemours.com
INVESTORS
Alisha Bellezza
Director of Investor Relations
+1.302.773.2263
investor@chemours.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chemours-announces-intent-to-sell-historic-dupont-building-to-the-buccinipollin-group-and-permanently-locate-its-global-headquarters-in-downtown-wilmington-delaware-300388187.html
SOURCE The Chemours Company