Venator sells LPC stake to Kronos Worldwide for $185 mn

Venator Materials plc (Venator) announces that it has completed the sale of its 50% interest in the Louisiana Pigment Company (LPC) titanium dioxide manufacturing joint venture facility to its operating partner Kronos Worldwide, Inc.

The Venator group received $185 million in cash at completion (subject to working capital adjustments) and expects to receive an earnout payment of up to $15 million.

Simon Turner, president and chief executive officer said:

"We continue to successfully execute on our transformation plan and pursue all ways to strengthen our business. By focussing our financial resources and people on our core operating facilities, we can better serve our customers and deliver stronger outcomes for our shareholders. We appreciate those customers who have purchased Venator products from LPC over the years and I would like to thank the LPC team for their strong contributions. Those customers in the Americas currently served from our other plants will continue to receive our full commitment to quality products and service."

Note: The content of this press release has not been edited by Fibre2Fashion staff.

ALCHEMPro News Desk (HU)