INEOS Enterprises has announced that it has signed an agreement to acquire the North American business of National Titanium Dioxide Company (Cristal) from Tronox for $700mn.
The deal forms the proposed remedy package submitted to the US Federal Trade Commission (FTC) by Tronox ahead of its proposed acquisition of Cristal’s global titanium dioxide business.
The proposed sale of the North American business to INEOS, has received support from Cristal and Tronox’s North American customers and will make INEOS the second largest producer of this essential product in the country. The wider transaction and remedy proposal is subject to clearance by the US FTC.
Jim Ratcliffe, INEOS Chairman, said: “This is a great opportunity for INEOS to enter the pigments market and become the second largest producer of titanium dioxide in the key North American market.”
Ashley Reed, CEO of INEOS Enterprises, said: “This is a great opportunity for INEOS to enter the pigments market, by acquiring a competitive business, with excellent people and assets.INEOS has a strong track record of manufacturing excellence, running its businesses safely and reliably and working closely with customers to meet their growth aspirations.”
Titanium dioxide is a white pigment found in a wide range of applications from paints and varnishes as well as paper and plastics. It is the most widely used white pigment because of its brightness. Pigment applications include printing inks, fibres, rubber, cosmetic products, glass and ceramics. The global titanium dioxide market is highly competitive, with players competing based on price, quality, or product, technical service, and the availability of high-performance pigments.
Cristal is a privately held global chemical and mining company, headquartered in Jeddah, Saudi Arabia.
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