Tronox provides update on potential sale of Cristal’s Ashtabula, OH, complex to Venator Materials

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Tronox provides update on potential sale of Cristal’s Ashtabula, OH, complex to Venator Materials

October 02, 2018 - 17:52
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STAMFORD, CT, Oct. 2, 2018 (PRNewswire) -Tronox Limited, a global mining and inorganic chemicals company, today announced that the 75-day exclusivity period under its Memorandum of Understanding (“MOU”) with Venator Materials PLC has expired without the two companies agreeing on definitive terms of a potential divestiture by Tronox to Venator of the Ashtabula, Ohio, titanium dioxide (“TiO2“) production complex. On July 16, 2018, Venator and Tronox announced they had entered into the MOU, which contemplated the possible sale of the Ashtabula, Ohio facility to Venator if a divestiture of the facility would be required to secure U.S. Federal Trade Commission (“FTC”) approval of the Company’s proposed acquisition of the TiO2 business of The National Titanium Dioxide Company Limited (“Cristal”), a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia. Tronox continues to discuss the possible divestiture of the Ashtabula TiO2 complex as a settlement and potential remedy to allow completion of its acquisition of Cristal to be consummated.

About Tronox

Tronox Limited is a vertically integrated mining and inorganic chemical business. The company mines and processes titanium ore, zircon and other minerals, and manufactures titanium dioxide pigments that add brightness and durability to paints, plastics, paper and other everyday products. For more information, visit tronox.com.

About Cristal

Cristal (also known as The National Titanium Dioxide Company Limited) operates eight manufacturing plants in seven countries on five continents and employs approximately 4,100 people worldwide.  Cristal is owned 79 percent by Tasnee (a listed Saudi joint-stock company) and 20 percent by Gulf Investment Corporation (GIC), a company equally owned by the six states of the Gulf Cooperation Council (GCC), headquartered in Kuwait.  One percent of the company is owned by Dr. Talal A. Al-Shair, who also serves as vice chairman, Tasnee and chairman of Cristal.