WYNYARD, UK, April 25, 2022 /PRNewswire/ -- Venator Materials
PLC ("Venator") (NYSE: VNTR) today announced that it received
$85 million in cash from Tronox
pursuant to its settlement agreement with Tronox related to the
recent Superior Court of Delaware
judgement in favor of Venator for $75
million. The settlement amount of $85
million includes an additional $10
million of value representing a negotiated amount of
interest originating from 2019 when conditions were met that
required Tronox to pay a $75 million
"Break Fee" to Venator. The settlement agreement resolves all legal
disputes between the parties contested in the Superior Court of
Delaware.
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 and timber
treatment businesses. Based in Wynyard, U.K., Venator employs approximately
3,500 associates and sells its products in more than 110
countries.
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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 COVID-19 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, the costs associated
with the closure of our Pori facility and execution of our business
improvement programs and initiatives, our ability to realize
financial and operational benefits from our business improvement
plans and initiatives, changes in raw material and energy prices,
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, management of
materials resulting from our manufacturing process, including
the ability to develop commercial markets in the regions that we
manufacture and our ability to dispose of these materials if
necessary, the impacts of increasing climate change regulations,
geopolitical events, cyberattacks and public health crises.
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 20-F for the year ended December 31,
2021, filed with the SEC. 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