STAMFORD, Conn., Sept. 5, 2018 /PRNewswire/ -- Tronox Limited
(NYSE: TROX) ("Tronox" or the "Company"), a global mining and
inorganic chemicals company, today commented on the decision by the
U.S. District Court for the District of Columbia granting the
U. S. Federal Trade Commission's ("FTC") request for a preliminary
injunction regarding Tronox's proposed acquisition of Cristal. The
Company intends to promptly file a notice of appeal and request an
expedited hearing of its appeal to reverse the Court's decision so
Tronox may proceed with the merger. Simultaneous to its pursuit of
an appeal, Tronox will be considering whether to proceed with the
remedial divestiture of Cristal's Ashtabula, Ohio, two-plant titanium dioxide
("TiO2") production complex. As announced on
July 16, 2018, Tronox and Venator
Materials PLC (NYSE: VNTR) ("Venator") entered into a binding
Memorandum of Understanding providing for the negotiation of a
definitive agreement to sell the Ashtabula complex to Venator should a
divestiture of Ashtabula be
required to consummate the Cristal acquisition. Today's judicial
decision was released under seal to provide counsel for Tronox,
Cristal and the FTC an opportunity to review the text of the
decision to ensure it contained no confidential information. The
full decision is expected to be issued early next week.
"Tronox is disappointed by the U.S. District Court's decision to
further delay this output-enhancing combination designed to
increase the supply of TiO2 for North American customers
and position Tronox to succeed in a fiercely competitive global
market," said Jeffry N. Quinn,
president and chief executive officer of Tronox. "As we pursue an
appeal, Tronox has valuable alternatives to consider, including a
possible remedial transaction to divest the Ashtabula facility for $1.1 billion to Venator or waiting for a decision
by the FTC's Administrative Law Judge in the Part 3
Procedure. During the Part 3 Procedure, I believe we
convincingly demonstrated that the FTC's objections to the Cristal
transaction are entirely misplaced and this highly synergistic
transaction will significantly increase production of
TiO2 to the benefit of customers in North America and around the world. We intend
to be as transparent and open as possible and will be forthcoming
with our chosen course of action at the appropriate time."
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