Tronox confirms FTC's withdrawal from acquisition of Cristal's TiO2 business

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Tronox confirms FTC's withdrawal from acquisition of Cristal's TiO2 business

March 26, 2019 - 08:22
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STAMFORD, CT, March 25, 2019 (PRNewswire) -Tronox Limited (“Tronox” or the “Company”), a global mining and inorganic chemicals company, today confirmed that the Federal Trade Commission has withdrawn the Company’s proposed acquisition of the titanium dioxide (“TiO2“) business of The National Titanium Dioxide Company Limited (“Cristal”) from adjudication for the purpose of considering the related proposed Consent Agreement. Should the proposed Consent Agreement receive final approval by the Commission, the transaction would then be able to be consummated. The transaction, modified to include the proposed divestiture of Cristal’s North American TiO2 business to INEOS Enterprises, a division of INEOS, has garnered widespread support from Cristal and Tronox’s North American pigment customers.

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.

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.

About INEOS

INEOS Enterprises is comprised of a portfolio of businesses manufacturing and distributing chemical products from its facilities and offices in Europe, USA, Canada, and Asia with global sales of more than €1bn. INEOS Enterprises is focused on meeting the developing needs of its customers and rapid growth both through acquisition and through investment in new manufacturing facilities/products.