Venator sells 50% stake to Kronos

Venator Materials plc (Venator) announced on 17th that it has completed the sale of its 50% interest in the Louisiana Pigment Company (LPC) titanium dioxide manufacturing joint venture facility to its operating partner, Kronos Worldwide, Inc.

Venator Group received $185 million in cash (subject to working capital adjustments) upon completion of the transaction and expects to receive up to $15 million in earn-out payments.

Simon Turner, Venator President and CEO, said: "We continue to successfully execute our transformation plan and take every approach to strengthen the business. By focusing our financial resources and personnel on core operating facilities, we can better serve our customers and deliver better results for shareholders. We are grateful to our customers who have purchased Venator products from LPC over the years, and I would like to thank the LPC team for their outstanding contributions. Customers in the Americas currently served by our other facilities will continue to receive our full commitment to quality products and services.”|