Venator Materials plc
07/17/2024 | Press release | Distributed by Public on 07/17/2024 10:59
Venator Completes Sale of its 50% Share in Louisiana Pigment Company TiO2 Facility to Kronos Worldwide
WYNYARD, UK, July 17, 2024 - Venator Materials plc (Venator) today 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."
For further information about Venator, please go to: www.venatorcorp.com
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About Venator
Venator is a global manufacturer and marketer of chemical products that comprise a broad range of pigments and additives that bring color and vibrancy to buildings, protect and extend product life, and reduce energy consumption. We market our products globally to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of our TiO2 business, and Performance Additives, which consists of our functional additives, color pigments and timber treatment businesses. Based in Wynyard, U.K., Venator employs approximately 2,700 associates and sells its products in more than 109 countries.
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Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements". These forward- looking statements represent Venator's expectations or beliefs concerning future events, and it is possible that the expected results described in this press release will not be achieved. These forward looking statements are subject to risks, uncertainties and other factors, many of which are outside of Venator's control, that could cause actual results to differ materially from the results discussed in the forward looking statements, including: volatile global economic conditions and a downturn in the worldwide economy due to inflation, geopolitics, or other factors; changes in raw material and energy prices; interruptions in raw materials and energy; economic and other impacts from the military conflict in Ukraine and the economic sanctions imposed due to the conflict; public health crises, including the emergence of new variants of the COVID-19 virus, and the measures put in place by governments in response; Venator's ability to maintain sufficient working capital; Venator's ability to address its debt service obligations and to comply with the covenants and restrictions imposed by the terms and conditions of any existing financing arrangements or the Exit Financing; Venator's ability to access capital markets on favorable terms or at all, and its ability to continue to engage with its shareholders and debtholders; the volatility in the price of Venator's ordinary shares, including as a result of any over-the-counter marketplace trading; employee attrition and Venator's ability to retain senior management and other key personnel; the costs associated with site closures and transformational projects, including at Venator's Duisburg, Scarlino, Pori and Calais facilities; the execution, timing and impact of Venator's cost reduction programs and initiatives and Venator's potential need to seek additional strategic or cost-saving alternatives; Venator's ability to realize financial and operational benefits from its operational improvement plans and initiatives; industry production capacity and operating rates; the supply demand balance for Venator's products and that of competing products; pricing pressures; technological developments; legal claims by or against Venator; changes in government regulations, including increased manufacturing; labeling and waste disposal regulations and the classification of TiO2 as a carcinogen in the EU; management of materials resulting from Venator's manufacturing process, including the ability to develop commercial markets in the regions in which Venator manufactures and Venator's ability to dispose of these materials, if necessary; the impacts of increasing climate change regulations; wars, terrorism and other geopolitical events, including the conflict between Israel and Palestine; and cyberattacks.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Venator does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Venator to predict all such factors. Such factors could cause Venator's actual results, outcomes, expectations and projections to differ materially from those contained in any forward-looking statement.