WYNYARD, UK, April 26, 2019 /PRNewswire/ -- Venator Materials
PLC (NYSE: VNTR) ("Venator") today announced that pursuant to a
July 14, 2018, agreement with Tronox,
it has completed its acquisition of the European titanium dioxide
("TiO2") paper laminates business (the "8120 Grade").
Tronox will supply the 8120 Grade product to Venator under a
Transitional Supply Agreement for an initial term of 2 years, and
extendable up to 3 years, to allow for the transfer of the
manufacturing of the 8120 Grade to Venator's Greatham, U.K.,
facility. Total cash consideration is €8 million: €1 million has
been paid upon closing and the remainder is to be paid evenly in
the second quarter of 2020 and 2021, respectively.
As previously announced, Venator and Tronox also agreed in the
July 14, 2018 agreement that Tronox
will promptly pay Venator a "break fee" of $75 million upon consummation of the
Tronox/Cristal merger (and, now, by no later than May 13, 2019) once the sale of the European paper
laminates business to Venator has been consummated if the sale of
the Ashtabula complex to Venator has not been completed.
Simon Turner, President and CEO
of Venator, commented: "The acquisition by Venator of the European
paper laminates business fulfils the remaining condition to
Tronox's obligation to promptly pay Venator the break fee due no
later than May 13, 2019, under our
July 14, 2018, agreement. We intend
to vigorously enforce our agreement, if necessary."
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 4,300 associates
worldwide and sell our products in more than 110 countries.
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SOURCE Venator Materials PLC