WYNYARD, U.K., Sept. 12, 2018 /PRNewswire/ --
Highlights
- Venator intends to close its Pori, Finland TiO2
manufacturing facility, transfer technology to other sites and
strengthen its existing network, reestablishing its specialty and
differentiated production capabilities
- Pori facility to continue to operate with up to approximately
25kt capacity (20% of site), with production reducing during the
transition period which is expected to last through 2021
- Venator to restore approximately 45kt of the former Pori
specialty and differentiated operating capacity at other sites,
generating approximately $30 million
of annual adjusted EBITDA in 2020(1) and more than
$60 million in
2023(1)
Venator Materials PLC ("Venator") (NYSE: VNTR) today announced
the completion of the strategic review of its Pori, Finland
TiO2 manufacturing facility.
As a result of unanticipated cost escalation and extended
timeline now understood to be associated with the reconstruction of
the Pori, Finland TiO2 facility, Venator will transfer
certain technology, and the production of select product grades, to
other facilities within its current manufacturing network, which
will become more efficient with greater flexibility. The Pori,
Finland facility will continue to
operate at reduced rates through the transition period, which is
expected to last through 2021.
Simon Turner, President and
CEO of Venator, commented:
"Following an intense review, we have decided to close our Pori,
Finland titanium dioxide facility
and implement this product transfer and strengthening plan. We
expect this plan to provide a better economic return than
alternative options while maintaining the quality of Venator's
specialty and differentiated business in order to service our
valued customers.
"Closing the site is the best decision for the long-term success
of our business, as we expect to restore the majority of our
specialty and differentiated earnings formerly generated by Pori,
using our existing facilities. We also believe doing so will
preserve our financial flexibility and improve our ability to
deliver free cash flow throughout the cycle.
"We recognize and regret the impact this decision will have on
our associates at Pori. We will treat them with fairness and
respect consistent with our values and established practices."
Conference Call Information
We will hold a conference
call to discuss the completion of the review of our Pori,
Finland reconstruction project on
Wednesday, September 12, 2018 at 9:00 a.m. ET.
Call-in numbers for
the conference call:
|
U.S.
participants
|
1-833-366-1118
|
International
participants
|
1-412-902-6770
|
(No passcode
required)
|
|
In order to facilitate the registration process, you may use the
following link to pre-register for the conference call. Callers who
pre-register will be given a unique PIN and separate call-in number
to gain immediate access to the call and bypass the live operator.
To pre-register, please go to:
http://dpregister.com/10123945
Webcast Information
The conference call will be
available via webcast and can be accessed from the company's
website at venatorcorp.com/investor-relations.
Replay Information
The conference call will be
available for replay beginning September 12, 2018 and ending
September 19, 2018.
Call-in numbers for
the replay:
|
U.S.
participants
|
1-877-344-7529
|
International
participants
|
1-412-317-0088
|
Passcode
|
10123945
|
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 25
facilities, employ approximately 4,500 associates worldwide and
sell our products in more than 110 countries.
Social Media:
Twitter:
www.twitter.com/VenatorCorp
Facebook:
www.facebook.com/venatorcorp
LinkedIn:
www.linkedin.com/company/venator-corp
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. 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 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, losses due to business interruption from the fire,
the possibility that Tronox may not be required to divest the
Ashtabula complex in connection with its proposed merger with
Cristal, the failure to consummate the proposed Tronox transactions
when expected or at all, the possibility that any synergies and
cost savings associated with the proposed Tronox transactions may
not be fully realized or may take longer to realize than expected,
or the ability to integrate successfully the Ashtabula assets if
acquired.
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,
2017 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.
(1) Mid-cycle EBITDA estimate based on the timing of
plant commissioning
View original content to download
multimedia:http://www.prnewswire.com/news-releases/venator-to-close-pori-finland-tio2-facility-transfer-technology-to-other-sites-and-strengthen-existing-network-300711071.html
SOURCE Venator Materials PLC