19 March 2019
DETAILS
Jim Ratcliffe,
INEOS Chairman
“This is a great opportunity for INEOS
to enter the pigments market
and become
the second largest producer of titanium dioxide
in the key North American market.”
Ashley Reed,
CEO of INEOS Enterprises
“This is a great opportunity for INEOS
to enter the pigments market,
by acquiring a competitive business,
with excellent people and assets.
INEOS has a strong track record of
manufacturing excellence,
running its businesses safely and reliably
and working closely with customers
to meet their growth aspirations.”
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INEOS Enterprises has today announced that
it has signed an agreement to acquire
The North American business of
National Titanium Dioxide Company Limited (Cristal)
from Tronox Limited (NYSE:TROX) for $700 million.
Cristal’s North American business includes
two-plants located at the Ashtabula Ohio (US) complex.
The deal forms the proposed remedy package
submitted to the US Federal Trade Commission (FTC)
by Tronox ahead of its proposed acquisition
of Cristal’s global titanium dioxide business.
The proposed sale of the North American business to INEOS,
has received support from
Cristal and Tronox’s North American customers
and will make INEOS
the second largest producer
of this essential product in the country.
The wider transaction and remedy proposal
is subject to clearance
by the Federal Trade Commission (FTC).
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Titanium dioxide is a white pigment found in
a wide range of applications
from paints and varnishes as well as
paper and plastics.
It is the most widely used white pigment
because of its brightness.
Pigment applications include printing inks, fibres, rubber,
cosmetic products, glass and ceramics.
The global titanium dioxide market is highly competitive,
with players competing based on
price, quality or product, technical service,
and the availability of high-performance pigments.
INEOS Media Contact:
Richard Longden (INEOS) 0041 21 627 7063 or 0041 7996 26123
Andrew McLachlan (Media Zoo) 020 7384 6980 or 07931377162
Chris Hall (Media Zoo) 020 7384 6980 or 07739571634
Tronox Media Contact:
Melissa Zona (Media) +1 636.751.4057
Brennen Arndt (Investors) +1 203.705.3730
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