STAMFORD, Conn., Aug. 20, 2018 /PRNewswire/ -- Tronox Limited
(NYSE: TROX) ("Tronox" or the "Company"), a global mining and
inorganic chemicals company, today announced that it has received
final approval from the European Commission to close its proposed
acquisition of the titanium dioxide ("TiO2") business of
The National Titanium Dioxide Company Limited ("Cristal"), a
privately held global chemical and mining company headquartered
in Jeddah, Saudi Arabia. The final approval was issued
following the European Commission's conclusion that Venator
Materials PLC (NYSE: VNTR) ("Venator") is a suitable purchaser of
Tronox's 8120 paper-laminate product grade currently supplied to
European customers from Tronox's Botlek facility in the Netherlands. Divesture of this product
grade was the condition set forth in the conditional approval
granted to Tronox by the European Commission on July 4, 2018. Consummation of the divestiture of
the 8120 paper-laminate product grade will occur following approval
of the overall Cristal acquisition transaction by the U.S.
regulatory authorities, which Tronox is vigorously pursuing in the
U.S. District Court of the District of
Columbia.
"We are pleased to receive the European Commission's final
approval and look forward to consummating this highly synergistic
combination designed to increase asset utilization, lower our cost
position, unlock incremental product volumes to serve growing
global markets, and create significant long-term value for our
customers and shareholders," said Jeffry N. Quinn, president and chief executive
officer of Tronox. "With the post-trial briefing in the
administrative proceeding before the U.S. Federal Trade Commission
and the preliminary injunction hearing in U.S. District Court
recently completed, we are focused on securing approval to complete
the acquisition and transforming Tronox into the industry's premier
TiO2 company."
In addition to receiving final approval from the European
Commission, Australia,
China, New Zealand, Turkey, South Korea,
Colombia and Saudi
Arabia have also approved the proposed acquisition. The United
States Federal Trade Commission remains the final regulatory
authority reviewing the transaction.
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.
For more information, visit tronox.com.
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.
Forward-Looking Statements
Statements in this release
that are not historical are forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements, which are subject to known
and unknown risks, uncertainties and assumptions about us, may
include projections of our future financial performance based on
our growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations
and projections about future events. There are important factors
that could cause our actual results, level of activity, performance
or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements. These and other risk factors are
discussed in the company's filings with the Securities and
Exchange Commission (SEC), including those under the heading
entitled "Risk Factors" in our Annual Report on Form 10-K for the
year ended December 31, 2017.
Moreover, we operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible for our management to predict all risks and
uncertainties, nor can management assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance or achievements. Neither we nor any
other person assumes responsibility for the accuracy or
completeness of any of these forward-looking statements. You should
not rely upon forward-looking statements as predictions of future
events. Unless otherwise required by applicable laws, we undertake
no obligation to update or revise any forward-looking statements,
whether because of new information or future developments.
Media Contact: Melissa
Zona
+1 636.751.4057
Investor Contact: Brennen
Arndt
+1 203.705.3730
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SOURCE Tronox Limited