STAMFORD, Conn., Feb. 12, 2019 /PRNewswire/ -- Tronox Limited
(NYSE: TROX) ("Tronox" or the "Company"), a global mining and
inorganic chemicals company, today confirmed that it and the staff
of the Federal Trade Commission have filed a joint motion with the
FTC Commissioners requesting a delay of the remaining appeals
deadlines. The filing of the joint motion reflects progress in
advancing settlement discussions regarding a remedy transaction
intended to resolve the Commission's competitive concerns with
Tronox's pending acquisition of the titanium dioxide
(TiO2) business of The National Titanium Dioxide
Company Limited (Cristal). Tronox has proposed to address the
FTC's concerns through a divestiture of all Cristal's North
American TiO2 business including its two-plant Ashtabula
TiO2 complex to INEOS Enterprises (INEOS), a division of
INEOS, for a cash purchase price of $700
million.
"Tronox and the staff of the FTC have made significant progress
in our settlement discussions and all parties continue to work
constructively and diligently to address concerns raised by the
FTC," said Jeffry N. Quinn,
president and chief executive officer of Tronox. "We continue to
believe that INEOS' demonstrated success in operating chemical
businesses will inject new energy into the North American
TiO2 industry to the benefit of consumers. We appreciate
the diligence and attention given by all parties to advancing
remedy discussions so we may finalize the Cristal acquisition and
turn our focus toward unlocking value for our shareholders and
better serving our global customers."
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.
About INEOS
INEOS Enterprises is comprised of a portfolio of businesses
manufacturing and distributing chemical products from its
facilities and offices in Europe,
USA, Canada, and Asia with global sales of more than €1bn.
INEOS Enterprises is focused on meeting the developing needs of its
customers and rapid growth both through acquisition and through
investment in new manufacturing facilities/products.
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.
Specifically, there can be no assurance that the proposed remedy
transaction will be accepted by the FTC Commissioners and that our
proposed acquisition of Cristal's TiO2 business will be
consummated. There can also be no assurance that we will be
able to complete the re-domicile transaction from Australia to the United Kingdom and that we will be able to
complete the transaction with Exxaro. 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.
Tronox Media Contact: Melissa Zona
+1 636.751.4057
Tronox Investor Contact: Brennen Arndt
+1 203.705.3730
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SOURCE Tronox Limited