WYNYARD, UK, Dec. 23, 2020 /PRNewswire/ -- Venator
Materials PLC (NYSE: VNTR) ("Venator") announced today that funds
advised by SK Capital Partners, L.P. have closed on the previously
announced agreement to purchase approximately 42.4 million shares,
representing just under 40% of Venator's outstanding shares, from
Huntsman Corporation (NYSE: HUN) for a purchase price of
approximately $100 million. The
agreement also includes a 30-month option pursuant to which SK
Capital can elect to purchase Huntsman's remaining approximate 9.7
million shares.
Simon Turner, President and CEO
of Venator, commented, "SK Capital's significant investment in
Venator marks a major milestone for Venator and our natural
progression as a standalone public entity following our initial
public offering in August, 2017. We are excited to engage with
Barry Siadat and the SK Capital
team, who have a strong reputation within the chemical industry for
supporting long term growth and innovation.
Our business is poised for increased shareholder value creation
as demand for our world class functional and specialty products
continues to strengthen. Additionally, we have completed
consultations with employee representatives at our German
manufacturing facilities and are well positioned to deliver the
full $55 million in EBITDA
improvement from our 2020 Business Improvement Program over the
next two years. We look forward to implementing additional steps to
strengthen our business and further unlock shareholder value."
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 4,000 associates worldwide and sell our
products in more than 110 countries.
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 the impacts and duration of the global
outbreak of the Coronavirus Disease 2019 pandemic on the global
economy and all aspects of our business, including our employees,
customers, suppliers, partners, results of operations, financial
condition and liquidity, global economic conditions, our ability to
maintain sufficient working capital, our ability to access capital
markets on favorable terms, 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, or interruptions in raw materials and energy,
industry production capacity and operating rates, the supply demand
balance for our products and that of competing products, pricing
pressures, technological developments, legal claims by or against
us, changes in government regulations, including increased
manufacturing, labeling and waste disposal regulations and the
classification of TiO2 as a carcinogen in the EU,
geopolitical events, cyberattacks and public health crises such as
coronavirus.
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,
2019 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