Element Solutions Inc Issues Statement Regarding Cyber Security Incident
Element Solutions Inc (NYSE:ESI) ("Element Solutions" or “the Company”) today issued the following statement:
Element Solutions recently detected a cyber intrusion on certain of the Company’s information technology systems. Upon detection of the incident, the Company promptly took action to contain it and implement business continuity and data recovery protocols. The Company engaged leading cyber security experts and notified relevant law enforcement authorities as part of its incident response. The impact of this incident is expected to be limited and has not changed the Company’s outlook for net sales or adjusted EBITDA in 2022. For the fiscal year 2021, the Company is reconfirming its previously announced guidance and expects adjusted EBITDA at or above the midpoint of its guidance range.
About Element Solutions Inc
Element Solutions Inc is a leading specialty chemicals company whose businesses formulate a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers' manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communication and data storage infrastructure, automotive systems, industrial surface finishing, consumer packaging and offshore energy. More information about the Company is available at www.elementsolutionsinc.com.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the expected impact of the cyber incident; the Company’s unchanged outlook for net sales or adjusted EBITDA in 2022; the reconfirmation of its previously announced full year 2021 guidance; and its expectation for adjusted EBITDA at or above the midpoint of its guidance range. These statements are based on management's estimates and assumptions with respect to future events, and are believed to be reasonable, though are inherently difficult to predict. Actual results could differ materially from those projected as a result of certain factors including, without limitation, the Company’s ability to assess, contain and remedy the cyber intrusion; data losses and systems recovery efforts; misuse or unauthorized disclosure of data; the effectiveness of business continuity plans; and legal, reputational and financial risks resulting from cybersecurity incidents, including, but not limited to, loss of business or investor confidence, litigation, indemnity obligations and significant remediation or other costs not covered by insurance. Additional information concerning factors that could cause actual results to vary can be found in the Company's reports filed with the Securities and Exchange Commission. Element Solutions undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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