WYNYARD, UK, July 17,
2024 /PRNewswire/ -- Venator Materials plc (Venator)
today announces 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.
The Venator group received $185
million in cash at completion (subject to working capital
adjustments) and expects to receive an earnout payment of up to
$15 million.
Simon Turner, President and Chief
Executive Officer said:
"We continue to successfully execute on our transformation plan
and pursue all ways to strengthen our business. By focussing our
financial resources and people on our core operating facilities, we
can better serve our customers and deliver stronger outcomes for
our shareholders. We appreciate those customers who have purchased
Venator products from LPC over the years and I would like to thank
the LPC team for their strong contributions. Those customers in the
Americas currently served from our other plants will continue to
receive our full commitment to quality products and
service."
For further information about Venator, please go
to: www.venatorcorp.com
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 2,700 associates and sells its
products in more than 109 countries.
Social
Media:
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www.twitter.com/VenatorCorp
Facebook:
www.facebook.com/venatorcorp
LinkedIn: www.linkedin.com/company/venator-corp
For more information about Venator and its sustainability
initiatives, visit www.venatorcorp.com
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
"forward-looking statements". 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: volatile global economic
conditions and a downturn in the worldwide economy due to
inflation, geopolitics, or other factors; changes in raw material
and energy prices; interruptions in raw materials and energy;
economic and other impacts from the military conflict in
Ukraine and the economic sanctions
imposed due to the conflict; public health crises, including the
emergence of new variants of the COVID-19 virus, and the measures
put in place by governments in response; Venator's ability to
maintain sufficient working capital; Venator's ability to address
its debt service obligations and to comply with the covenants and
restrictions imposed by the terms and conditions of any existing
financing arrangements or the Exit Financing; Venator's ability to
access capital markets on favorable terms or at all, and its
ability to continue to engage with its shareholders and
debtholders; the volatility in the price of Venator's ordinary
shares, including as a result of any over-the-counter marketplace
trading; employee attrition and Venator's ability to retain senior
management and other key personnel; the costs associated with site
closures and transformational projects, including at Venator's
Duisburg, Scarlino, Pori and Calais facilities; the execution,
timing and impact of Venator's cost reduction programs and
initiatives and Venator's potential need to seek additional
strategic or cost-saving alternatives; Venator's ability to realize
financial and operational benefits from its operational improvement
plans and initiatives; industry production capacity and operating
rates; the supply demand balance for Venator's products and that of
competing products; pricing pressures; technological developments;
legal claims by or against Venator; 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 Venator's
manufacturing process, including the ability to develop commercial
markets in the regions in which Venator manufactures and Venator's
ability to dispose of these materials, if necessary; the impacts of
increasing climate change regulations; wars, terrorism and other
geopolitical events, including the conflict between Israel and Palestine; and
cyberattacks.
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.
Such factors could cause Venator's actual results, outcomes,
expectations and projections to differ materially from those
contained in any forward-looking statement.
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SOURCE Venator Materials PLC