WYNYARD, UK, May 14, 2019 /PRNewswire/ -- Venator
Materials PLC ("Venator") (NYSE: VNTR) today announced it has
commenced a lawsuit in Delaware Superior Court against Tronox
Limited. In the lawsuit, which arises from Tronox's refusal
to honor its contract to pay a $75
million "Break Fee" to Venator upon conditions which have
now been met, Venator seeks a judgment for $75 million, plus pre- and post-judgment
interest, and its reasonable attorneys' fees and costs.
Simon Turner, President and CEO
of Venator, commented: "It is unfortunate that Tronox has
failed to honor its contract with Venator and offers baseless
excuses for its refusal to perform. Venator at all times
acted in good faith during its negotiations with Tronox. For
example, with Tronox's consent, Venator met with the FTC to make a
presentation on its proposed acquisition of Ashtabula. While
Venator was preparing to further respond to the issues raised by
the FTC, Tronox abruptly terminated discussions with Venator to
pursue an alternative transaction. Having sold the business
to a buyer other than Venator, Tronox must now pay the Break
Fee."
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, timber treatment and water
treatment businesses. We operate 24 facilities, employ
approximately 4,300 associates worldwide and sell our products in
more than 110 countries.
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Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements, including those related to recovery of the break fee
from Tronox and related litigation, provide current expectations of
future events based on certain assumptions and include any
statement that does not directly relate to a historical or current
fact. 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 global economic conditions, our ability to
transfer technology and manufacturing capacity from our Pori,
Finland manufacturing facility to
other sites in our manufacturing network, the costs associated with
such transfer and the closure of our Pori facility, our ability to
realize financial and operational benefits from our business
improvement plans and initiatives, impacts on TiO2
markets and the broader global economy from the imposition of
tariffs by the U.S. and other countries, changes in raw material
and energy prices, access to capital markets, industry production
capacity and operating rates, the supply demand balance for our
products and that of competing products, pricing pressures,
technological developments, legal claims against us, changes in
government regulations, geopolitical events 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. When considering
these forward looking statements, you should keep in mind the risk
factors and other cautionary statements in Venator's Annual Report
on Form 10-K for the year ended December 31,
2018 filed with the SEC, and in its Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. The risk factors and
other factors noted therein could cause its actual results to
differ materially from those contained in any forward looking
statement.
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SOURCE Venator Materials PLC